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China's Foreign Exchange Reserves Continue To Rise

China's Foreign Exchange Reserves Continue To Rise

China's foreign-exchange reserves increased for a 10th month in November amid continued stability in the yuan.

It was the first time that China's reserves have climbed for 10 months in a row since June 2014, and brought its stockpile - the world's largest - to the highest since October previous year.

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.

Gains in non-dollar currencies and valuation effects were the main reasons for the increase, the State Administration of Foreign Exchange said in a statement. The dollar.DXY tumbled 1.6 percent against major trading currencies in November. The bank forecasts slight yuan depreciation against the dollar in 2018.

In January, China's foreign exchange reserves fell below 3 trillion US dollars, but as the economy is on a firmer footing and the yuan continues to stabilize, the stockpile has increased steadily since February. But reserves have since climbed by $121 billion.

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"Capital outflows seem to be well contained", said Claire Huang, an economist at Societe Generale SA in Hong Kong.

The slide in the yuan and foreign exchange reserves a year ago prompted China to restrict capital outflows, including a clampdown on "irrational" outbound investments in property, hotels, entertainment, sports clubs and film industries. Economists polled by The Wall Street Journal had expected a rise of $13 billion.

China's central bank and commercial lenders recorded net purchases of foreign exchange in September and October, reversing a trend of net sales stretching back almost two years.

A trader at a foreign bank in Shanghai said the yuan was very steady in morning trade, with some uncertainty about the outlook next year keeping traders on the sidelines.


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