China’s foreign exchange reserves unexpectedly bounced back in May after a surprise drop the previous month, suggesting the central bank intervened only lightly to cushion a sharp fall in the yuan currency after U.S.-Sino trade ties soured. The country’s foreign exchange reserves rose $6 billion in May to $3.101 trillion, central bank data showed on Monday. Economists polled by Reuters had expected reserves to drop $5 billion to $3.090 trillion. The unexpected rise in May was due to valuation effects and changes in asset prices, the foreign exchange regulator said in a statement accompanying the data. Sound ... (full story)