China Nov FX Reserves Rise for 10th Month as Outflow Risks Ebb

China's Foreign Exchange Reserves Continue To Rise

China's Foreign Exchange Reserves Continue To Rise

Forex increased by $10 billion to $3.12 trillion in November.

China's foreign exchange reserves dropped by almost $1 trillion from a peak of $3.99 trillion in June 2014 to $2.998 trillion in January this year as it sought to shore up the yuan and reduce capital outflows. This was the tenth consecutive rise in reserves. But reserves have since climbed by $121 billion.

Some analysts believe more stability in the yuan and less pressure on outflows could prompt authorities to lighten their hand on the currency.

The State Administration of Foreign Exchange (SAFE) attributed the continued increase to stronger non-dollar currencies and fluctuations in asset prices, as cross-border capital flows and transactions remained steady.

China's central bank and commercial lenders recorded net purchases of foreign exchange in September and October, reversing a trend of net sales stretching back almost two years.

The People's Bank of China set the yuan parity rate against the dollar at 6.6218 on Friday, compared to the previous close of 6.6140.

Monday's data also showed that the country's gold reserves rose to 75.83 billion dollars by the end of November, up from 75.24 billion dollars at the end of October.

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