China's foreign reserves grow 0.93% in May, gold buying hits 19th month

China's State Administration of Foreign Exchange reported that foreign exchange reserves reached $3.4422 trillion at the end of May, a 0.93% rise (about $31.7 billion) from the end of April. The increase was linked to a stronger US dollar, higher global asset prices and continued export surpluses.

The People's Bank of China has added to its gold holdings for the 19th straight month, keeping total reserve assets above the $3.4 trillion level for two consecutive months. Media outlets describe the sustained gold accumulation as a rare occurrence in the country's monetary history.