Beijing, December 8 (IANS). China’s foreign exchange reserves increased in November, according to an announcement made by the Chinese National Foreign Exchange Management Bureau on December 7. Data showed that by the end of November 2024, China’s foreign exchange reserves reached US$32.659 trillion, an increase of US$4.8 billion compared with the end of October, or 0.15%.
A representative of the Chinese National Foreign Exchange Management Bureau said a number of factors influenced this increase through November 2024, including the monetary policies and expectations of major central banks and macroeconomic data. The US dollar index rose, leading to a general increase in global financial asset prices. The increase in foreign exchange reserves that month was attributed to exchange rate conversion and asset price fluctuations.
Regarding exchange rates, China Minshang Bank chief economist Wan Pin said the US dollar index rose 1.7% month-on-month in November. Meanwhile, the exchange rates of the euro and pound against the US dollar declined by 2.8% and 1.3% respectively.
In the bond market, the yield on the 10-year US Treasury note fell ten basis points from last month to 4.18%. Additionally, the S&P 500 stock index rose 5.7%. These exchange rate and asset price changes contributed to the increase in China’s foreign exchange reserves for November.
(Courtesy- China Media Group, Beijing)
–IANS
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