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1st LD: China's forex reserves dip in May

Xinhua, June 7, 2016 Adjust font size:

China's foreign exchange reserves dipped to 3.1917 trillion U.S. dollars in May, the lowest level since December 2011, central bank data showed on Tuesday.

The reserves fell by 27.9 billion U.S. dollars last month from April, ending two months of increases, according to data from the People's Bank of China (PBOC).

China began to see a falling trend in its forex reserves in November 2015 due to concerns over a weak yuan and capital outflow, but the reserves returned to growth in March as fears eased amid signs of stabilizing economic growth.

Forex reserves denominated in Special Drawing Rights (SDR), an international reserve asset, rose 3.5 billion SDRs to 2.2751 trillion SDRs in May from the previous month, the PBOC data showed.

China's official gold reserves stood at 70.48 billion U.S. dollars in May, down from 74.75 billion U.S. dollars in April, according to the data. Endi