China’s forex reserves rebound by November

2018-12-07
Xinhua

BEIJING — China’s foreign exchange (forex) reserves edged up in November after dropping for three consecutive months, official data showed on Dec 7.

The forex reserves stood at $3.0617 trillion at the end of November, mildly up 0.3 percent from a month earlier, according to data from the People’s Bank of China. The improvement came as an encouraging sign amid concerns about capital outflows and a weakening yuan, the Chinese currency.

Wang Chunying, spokesperson of the State Administration of Foreign Exchange, attributed the rebound to exchange rate conversion and changing asset prices, citing rising bond prices in major countries and a slight gain in the US dollar index.

“China’s international balance of payments largely remained stable in November,” Wang said. “Despite global economic and financial uncertainty, China’s sound economic fundamental has not changed in the long run and the forex reserves will likely remain stable amid market fluctuations.”