Reuters reports that official data showed that China's foreign exchange reserves, the world's largest, rose more than expected in May.

The data showed China's foreign exchange reserves rose $23.62 billion to $3.22 trillion last month, compared with $3.198 trillion in April. Economists had expected an increase to $3.208 trillion.

Foreign inflows into Chinese stocks and bonds have been strong as China gallops ahead of other major economies in its recovery from the coronavirus pandemic.

The yuan rose 1.6% against the dollar in May, while the dollar fell 1.6% during that month against a basket of other major currencies.