China’s yuan strengthens as trade surplus hits US$72 billion in November amid robust export growth
- China’s foreign reserves rose to US$3.222 trillion at the end of November, up US$4.8 billion from a month earlier
- The dollar-denominated value of exports increased by 22 per cent on year last month, the second highest rise of 2021
China’s yuan strengthened against the US dollar on Wednesday, reaching its firmest level since May 2018, although analysts say depreciation risks are rising.
In late session trading, the onshore yuan hit 6.3477 against the US dollar, gaining from 6.3515 in the morning session, while the offshore yuan traded at 6.3459 against the American currency.
Meanwhile, China’s foreign reserves rose to US$3.222 trillion at the end of November, up US$4.8 billion from a month earlier, according to data from the State Administration of Foreign Exchange (SAFE) on Tuesday.
Trading in China’s foreign exchange market remained brisk and the flow of cross-border capital was largely stable last month, said Wang Chunying, deputy director and spokeswoman of the exchange regulator.