China's foreign exchange reserves rose by the largest amount in more than three years, according to data released Wednesday, reflecting recent yuan strength against the U.S. dollar and Beijing's efforts to curb capital outflows.
Reserves increased by $24.03 billion from the previous month to $3.054 trillion, marking the fourth straight month of increase, according to figures from the People's Bank of China. Economists polled by The Wall Street Journal expected a $25 billion increase in May.
The increase in China's foreign-exchange stockpile comes amid firmness in the yuan exchange rate against the U.S. dollar. The PBOC recently said it would adjust the mechanism for its daily fixing of the yuan exchange rate in a bid to smooth out fluctuations against the dollar.
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(END) Dow Jones Newswires
June 07, 2017 04:31 ET (08:31 GMT)