China forex reserves rise to US$3.117 trillion in November

CHINA’S foreign exchange reserves rose as expected in November, official data showed on Wednesday (Dec 7), as the US dollar weakened against other major currencies.

The country’s foreign exchange reserves – the world’s largest – rose US$65.1 billion to US$3.117 trillion last month, compared with US$3.10 trillion tipped by a Reuters poll of analysts and US$3.052 trillion in October.

The yuan rose about 3 per cent against the US dollar in November, while the US dollar last month fell 5.1 per cent against a basket of other major currencies.

China held 63.67 million fine troy ounces of gold at the end of November, up from 62.64 million ounces at end-October.

The value of China’s gold reserves rose to US$111.65 billion at the end of November from US$102.67 billion at end-October. REUTERS