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.
(END) Dow Jones Newswires
December 06, 2019 23:55 ET (04:55 GMT)
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