China’s foreign-exchange reserves rose $8 billion to $3.128 trillion at the end of May, due to the combined effect of the appreciation of non-U.S. dollar currencies and capital outflow, the People’s Bank of China said Tuesday.
May’s increase in forex reserves followed April’s decline, which was the biggest drop in over five years. The country’s forex reserves at end-May fell short of the expectations of economists polled by The Wall Street Journal, which estimated forex reserves to have risen to $3.130 trillion.
The outlook for global economic growth, geopolitical conditions and other factors drove the dollar index slightly lower, while the prices of financial assets in major countries were mixed, said Wang Chunying, a spokesperson for the country’s forex regulator.
Write to Singapore Editors at singaporeeditors@dowjones.com
Despite potential for further downside, semiconductor stocks could rebound significantly over the next couple of years, according to Columbia Threadneedle Senior Equity Analyst Dave Egan.
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