China FX reserves at seven-month low in May

PBoC figures show $14.2 billion decrease, bringing total reserves stockpile to seven-month low of $3.11 trillion

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Big drop: Safe says renminbi's decline was due to surging dollar

China’s foreign exchange reserves dropped to their lowest level in seven months to stand at $3.11 trillion in May, driven by a rebound in the dollar and registering the second consecutive month of decline, according to figures from the People’s Bank of China, published on June 8.

Despite the drop, the figures were better than economists’ expectations, with the decline limited to $14.23 billion.

The State Administration of Foreign Exchange – the regulatory agency set up by the PBoC – said the

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