China’s Foreign-Exchange Reserves Rose $8.6 Billion in November
China’s foreign-exchange reserves increased unexpectedly last month, ending three straight months of declines, official data showed Friday.
The hoard of foreign exchange rose by $8.6 billion in November from the previous month to $3.062 trillion, after dropping $33.93 billion in October, according to data released by the People’s Bank of China.
Economists polled by The Wall Street Journal expected a drop of $8 billion for November. They were expecting a $3 billion valuation increase from a slightly weaker dollar.
China’s central bank has in recent months stepped up its efforts to support the yuan exchange rate and stem renewed capital outflows. The U.S. dollar index edged down 0.07% last month, while the yuan rose by 0.43% against the dollar, according to Wind, a local data provider.
Source: Dow Jones