China’s forex reserves unexpectedly rose to US$3.052 trillion in October, officials to ‘support overall stability’
- China’s foreign exchange reserves rose by US$23.47 billion to US$3.052 trillion last month from US$3.029 trillion in September
- The yuan fell by 2.5 per cent against the US dollar in October, while the US dollar fell by 0.6 per cent in October against a basket of other major currencies
China’s foreign exchange reserves rose unexpectedly in October, official data showed on Monday, as the US dollar fell against other major currencies.
The country’s foreign exchange reserves – the world’s largest – rose by US$23.47 billion to US$3.052 trillion last month, compared with US$3.018 trillion tipped in a Reuters poll of analysts and US$3.029 trillion in September.
The yuan fell by 2.5 per cent against the US dollar in October, while the US dollar fell by 0.6 per cent in October against a basket of other major currencies.
China will continue to support the overall stability of the size of foreign exchange reserves
The State Administration of Foreign Exchange said in a statement that the increase in October reserves mainly reflected valuation effects, as the US dollar weakened.
“China will continue to support the overall stability of the size of foreign exchange reserves,” it said.
China will keep the yuan stable and increase flexibility of the currency, Yi Gang, governor of the People’s Bank of China, said last week.