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China's forex reserves up for 10th straight month

08 Décembre 2017

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

The yuan has gained about 5 percent against the dollar this year, following a drop of 6.5 percent in 2016, its biggest annual drop since 1994.

Foreign exchange reserves suggest that capital outflows continued to be a non-issue last month, Julian Evans-Pritchard, an economist at Capital Economics, said.

In January, China's foreign exchange reserves fell below 3 trillion US dollars, but as the economy is on a firmer footing and the yuan continues to stabilize, the stockpile has increased steadily since February.

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The yuan's surge this year has helped increase foreign purchases of Chinese bonds and stocks but authorities might have got a bit queasy as Beijing has long stated that it seeks two-way fluctuation in the Chinese currency.

The yuan exchange rate composite index released by China Foreign Exchange Trade System, which measures the yuan's strength relative to a basket of 24 currencies including the dollar, euro and Japanese yen, fell 0.56 percent at the end of November from a month earlier. Economists polled by The Wall Street Journal had expected a rise of $13 billion.

The value of gold reserves rose to $75.833 billion at the end of November, from $75.238 billion at the end of October, data on the PBOC website also showed.

China's forex reserves up for 10th straight month