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China forex reserves slip to 7-month low in May

China's foreign exchange reserves fell to $3.111 trillion at the end of May from $3.125 trillion at the end of April, data from the People's Bank of China showed.

This level was the lowest since October 2017. The decline came as the U.S. dollar strengthened; Reuters reported that the State Administration of Foreign Exchange attributed the decrease in the dollar value of China's reserves to a decline in other currencies against the dollar. The yuan fell by 1.2% against the dollar in May, the newswire noted.