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China's Forex Reserves Increase In May

China's foreign exchange reserves increased in May after falling a month ago, data from the People's Bank of China showed Monday.

Foreign exchange reserves rose by $6 billion to $3.101 trillion in May. Economists had forecast reserves to fall to $3.09 trillion.

Gold reserves were valued at $79.83 billion at the end of May compared to $78.35 billion in the previous month.

Gold reserves of China increased for a sixth month in a row in May.

Elsewhere, the State Administration of Foreign Exchange said sound economic fundamentals will support smooth functioning of China's foreign exchange market.

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