The foreign exchange reserves of the Asian country China for recording the highs in May as the imports and commodity prices took a sharp fall, the central bank of the nation showed on Sunday.
The foreign exchange reserves of China grew to $3.1017 trillion by the end of May, from $3.0915 trillion in late April, as reported by Efe news. The value of the gold reserves rose to $108.29 billion at the end of May from $106.67 billion in the month of April.
China Imports Slump in May
China's foreign trade dropped 4.9 percent year-on-year in May, albeit less than expected, and imports plunged 12.7 percent leaving a trade surplus of $62.93 billion, according to the State Administration of Foreign Exchange (SAFE). During April, Chinese foreign trade had declined 0.7 percent year-on-year resulting in an increase in Chinese international commercial activity.
In the January-February period, when the country was largely paralyzed by the crisis unleashed by the coronavirus, foreign trade recorded a 9.6 percent year-on-year contraction. The inter-annual decrease in March was 0.8 percent.
(With agency inputs)
