Net foreign currency purchases decline in May

More monetary policy easing needed to maintain government's economic growth target, say experts

Net foreign currency purchases by Chinese lenders hit a nine-month low in May, on lower forex inflows and wider yuan fluctuations.

The People's Bank of China, the central bank, said on Monday that the lenders' foreign currency purchases were just $38.7 billion in May, down 67 percent from the $116.9 billion in April and 83 percent from the $198.3 billion in March.