Wednesday, 1 February, 2023

China's forex reserves rise in November

BEIJING: China's foreign exchange reserves rose to 3.1175 trillion U.S. dollars at the end of November, up 2.13 percent from a month earlier, data from the State Administration of Foreign Exchange showed Wednesday.

The foreign exchange regulator attributed the increase in foreign exchange reserves to the combined impact of currency translation and asset price changes, reports Xinhua.

Affected by monetary policy expectations and macroeconomic data of major countries, the U.S. dollar index fell, and the prices of global financial assets climbed last month, the regulator said.

It added that China's foreign exchange reserves are expected to stay generally stable as the Chinese economy has maintained its recovery momentum.