China Nov FX reserves rise for 10th month as outflow risks ebb

Mae Love
December 8, 2017

China's foreign exchange reserves continued to increase in November, data from the People's Bank of China showed Thursday.

Capital flight had been seen as a major risk for China at the start of the year, but a combination of tighter capital controls and a faltering dollar helped the yuan stage a strong turnaround, bolstering confidence in the economy.

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.

The dollar was steady on Thursday, after rising to a two-week high against a basket of six other major currencies overnight on optimism towards USA lawmakers' making progress on the tax legislation and upbeat United States private-sector employment data.

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

Beijing spent almost US$320 billion of reserves bolstering its economy against outflows previous year and the yuan still fell about 6.5% against the surging dollar, its biggest annual drop since 1994.

Some analysts believe more stability in the yuan and less pressure on outflows could prompt authorities to lighten their hand on the currency. Economists polled by The Wall Street Journal had expected a rise of $13 billion.

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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