China's foreign-exchange reserves rose by $4.77 billion to $3.222 trillion in November thanks to the dollar's appreciation, the People's Bank of China said Tuesday.
The result was the opposite of a consensus $10 billion decrease expected by economists polled by The Wall Street Journal, marking a second consecutive monthly rise for reserves.
The nation's forex reserves--the world's largest--rose from $3.218 trillion at the end of October, according to the People's Bank of China.
"Foreign exchange reserves are denominated in US dollars, and the scale of foreign exchange reserves increased in that month under the combined effect of exchange rate conversion and asset price changes," said Wang Chunying, a spokeswoman for China's foreign-exchange regulator.
The U.S. dollar index rose 1.87% in November, compared with a 0.14% decrease in October, according to information provider Wind.
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