China Nov FX Reserves Rise for 10th Month as Outflow Risks Ebb

China's Foreign Exchange Reserves Continue To Rise

China End-November Foreign-Exchange Reserves $3.119 Trillion vs $3.109 Trillion at End-Oct

The State Administration of Foreign Exchange said the appreciation of non-US dollar currencies and changes in asset prices were the main reasons behind the rise in forex reserves. The dollar tumbled 1.6 percent against major trading currencies in November.

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.

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Foreign exchange reserves suggest that capital outflows continued to be a non-issue last month, Julian Evans-Pritchard, an economist at Capital Economics, said.

The People's Bank of China set the yuan parity rate against the dollar at 6.6218 on Friday, compared to the previous close of 6.6140.

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Still, some economists believe it is premature for the Chinese authorities to loosen capital controls as money flight could pick up due to expected USA rate rises and tax cuts.

A trader at a foreign bank in Shanghai said the yuan was very steady in morning trade, with some uncertainty about the outlook next year keeping traders on the sidelines.

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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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