China Banks Sold a Net $17.1 Billion of Foreign Exchange in May

Chinese banks sold a net $17.1 billion of foreign exchange in May, up from $14.9 billion the previous month, the foreign-exchange regulator said Friday.

The economy's stability and a change to the yuan fixing mechanism helped to keep supply and demand for foreign exchange stable in May, the State Administration of Foreign Exchange said in a statement.

China's forex reserves rose for the fourth straight month amid the yuan's recent strength against the U.S. dollar and Beijing's efforts to rein in capital outflows.

The central bank last month adjusted the mechanism for its daily yuan fixing to help smooth out fluctuations against the dollar.

--Grace Zhu

(END) Dow Jones Newswires

June 16, 2017 04:15 ET (08:15 GMT)