China's Foreign Exchange Reserves Continue To Rise

Esequiel Farfan
Diciembre 8, 2017

Economists polled by Reuters had expected reserves to rise by $11 billion to $3.120 trillion.

The yuan rose slightly against the dollar in November, making it a almost 5% increase so far this year.

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.

A Reuters poll found that long positions on the yuan held by investors in Asia by end-November rose to the highest since September, as the dollar continues to falter in global markets.

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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.

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.

In January, China's foreign exchange reserves fell below 3 trillion USA dollars, but as the economy is on a firmer footing and the yuan continues to stabilize, the stockpile has increased steadily since February. The reserves for November came in line with expectations.

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