business

China’s forex reserves rise in November

BEIJING, Dec. 7 (Xinhua) — China’s foreign exchange reserves grew to 3.1785 trillion U.S. dollars at the end of November as the country’s forex market continued to run steadily, official data showed Monday.

The amount was up by 50.5 billion dollars, or 1.61 percent, from the end of October, according to the State Administration of Foreign Exchange (SAFE).

The COVID-19 pandemic, progress in vaccine development, and expectations on the monetary and financial policies of major economies contributed to a lower U.S. dollar index and stronger non-U.S. dollar currencies, said SAFE spokesperson Wang Chunying.

Wang attributed the monthly rise in forex reserves to the combined effects of currency translation and changes in asset prices.

The spokesperson expected the country’s forex market to remain basically stable and flexible with bi-directional volatility, despite rising risks in the international financial market amid a raging COVID-19 pandemic and uncertain global economic outlook.

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