China Forex Reserves Drop More Than Expected in November
December 07 2019 - 12:10AM
Dow Jones News
BEIJING--China's foreign-exchange reserves dropped more than
expected last month amid renewed dollar strength, official data
showed Saturday.
The country's hoard of foreign exchange decreased $9.6 billion
from a month earlier to $3.0956 trillion in November, according to
data released by the People's Bank of China, compared with a median
forecast for a $5 billion decline, according to a poll of
economists conducted by The Wall Street Journal.
The fall in November was due to valuation effects from a
stronger dollar against a basket of currencies and asset-price
changes as bond prices in major economies dropped, the State
Administration of Foreign Exchange said in a statement after the
data was released.
The yuan dropped 0.13% against the U.S. dollar in November,
while the U.S. dollar index climbed nearly 1%, according to data
provider Wind.
Liyan Qi
(END) Dow Jones Newswires
December 06, 2019 23:55 ET (04:55 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.