China’s foreign reserves saw a sizeable increase in the month of November according to the latest data from the State Administration of Foreign Exchange (SAFE).
Figures released by SAFE on 7 December indicate that as of the end of November China’s foreign reserves totalled USD$3.1785 trillion yuan, for a rise of $50.5 billion, or 1.61%, compared to the end of October.
SAFE spokesperson Wang Chunying (王春英) said that a decline in the US dollar index led to overall gains in non-US currencies, and a rise in the value of the stocks and bonds of other major economies.
Wen Bin (温彬), chief researcher with China Minsheng Bank, highlighted the stabilisation of China’s foreign reserve levels at around the $3.1 trillion level.
“Overall, China’s foreign reserve scope is comparatively stable,” said Wen. “In September and October two successive months of decline brought a joint reduction of $36.6 billion, but the November valuation rise has restored the scale of foreign reserves.
“The scale of China’s foreign reserves has remained between $3.1 – 3.2 trillion for seven consecutive months, and its stable foundation are quite solid.”