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China forex reserve up 0.7% in Nov

China’s foreign exchange reserves came in at US$3.09 trillion in November.The amount increased by US$22.9 billion, or 0.7 percent, from the beginning of 2019, according to the State Administration of Foreign Exchange.Wang Chunying, a spokesperson for the SAFE, said the scale of forex reserves is affected by multiple factors including exchange rates and changes in asset prices. Factors including the global economic growth, monetary policy expectations and global trade situations led to the rise in the US dollar index and the drop in bond prices of major countries, said Wang.Wang also noted China’s policies to promote high-quality economic development and deepen reform and opening-up will bring benefits to the forex market as well as providing a solid foundation for the forex reserves to remain generally stable.
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