Culture

China November FX reserve data may herald wider yuan trading band

China November FX reserve data may herald wider yuan trading band”

The world's largest foreign-currency stockpile climbed $10.1 billion to $3.12 trillion, the People's Bank of China said Thursday, in line with estimates in Bloomberg's survey.

In the spot market, the onshore yuan opened at 6.6180 per dollar and was changing hands at 6.6140 at midday, just 5 pips firmer than the previous late session close and 0.08 per cent stronger than the midpoint.

China's forex reserves rose for the 10th month in a row to 3.1193 trillion US dollars at the end of November, data from the central bank showed Thursday.

The China Foreign Exchange Trade System sets the weighted average of prices given by market makers. The dollar.DXY tumbled 1.6 percent against major trading currencies in November.

The yuan rose slightly against the dollar in November, making it a almost 5% increase so far this year.

In January, China's foreign exchange reserves fell below 3 trillion USA dollars, but as the economy is on a firmer footing and the yuan continues to stabilize, the stockpile has increased steadily since February.

The slide in the yuan and foreign exchange reserves past year prompted China to restrict capital outflows, including a clampdown on "irrational" outbound investments in property, hotels, entertainment, sports clubs and film industries.

The yuan's surge this year has helped increase foreign purchases of Chinese bonds and stocks but authorities might have got a bit queasy as Beijing has long stated that it seeks two-way fluctuation in the Chinese currency. Economists polled by The Wall Street Journal had expected a rise of $13 billion.

Monday's data also showed that the country's gold reserves rose to 75.83 billion dollars by the end of November, up from 75.24 billion dollars at the end of October.



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