China’s forex assets at record US$1.01 trillion at end May

China’s foreign exchange deposits hit a record high of US$1.01 trillion at the end of May, compared with US$1 trillion a month earlier, the central bank said on Thursday, Reuters reports.

Foreign exchange deposits have been steadily growing since last year, boosted by China’s huge trade surplus and continued capital inflows into Chinese stocks and bonds.

Foreign holdings of Chinese bonds hit a record last month.

The People’s Bank of China (PBOC) said the foreign cash deposits grew by 35.7 percent year-on-year, and were up by US$9.4 billion from a month ago.

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