China’s FX reserves rise to $3.27t in Nov

China’s foreign exchange reserves rose by 0.15 per cent month-on-month to $3.2659 trillion at the end of November, according to data released by the State Administration of Foreign Exchange (SAFE) on Saturday.

The rise in reserves was influenced by the strengthening of the US dollar index and higher global financial asset prices, driven by shifts in major economies’ monetary policies, market expectations, and macroeconomic trends, SAFE said. The increase reflects the impact of currency fluctuations and asset price changes.

China’s ongoing economic recovery and improving market confidence are providing a solid foundation for the stability of its foreign exchange reserves, SAFE noted in its statement.

Attribution: SAFE