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China Forex Reserves Drop More Than Expected in November

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12/06/2019 | 11:56pm EST

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

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF CHINA LIMITED 0.00% 3.3 End-of-day quote.-1.20%
EURO / US DOLLAR (EUR/USD) 0.00% 1.1088 Delayed Quote.-0.67%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.55% 6.8609 Delayed Quote.-1.42%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) 0.01% 6.8588 Delayed Quote.-1.22%
US DOLLAR INDEX 0.29% 97.606 End-of-day quote.0.83%
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