The latest data from the People’s Bank of China showed that China’s foreign exchange reserves rose to over US$3.1 trillion in November, 2017, 0.3 percent higher than in October. By the end of November, China’s foreign exchange reserves had risen for 10 consecutive months since January, 2017.
China’s State Administration of Foreign Exchange (SAFE) attributed November’s growth to the appreciation of non-US dollar currencies, which make up a third of China’s foreign exchange reserves. SAFE said this long-term growth has resulted from China’s economic recovery and stable flow of cross-border capital, thanks to the country’s reforms in economic structure and overcapacity.
Given the international community has increased confidence in the Chinese economy following the 19th CPC National Congress and as China’s reforms in both exchange and interest rates are further deepened, SAFE said that China’s foreign exchange reserves will continue to rise based on the balance of international payments.
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