China End-November Foreign-Exchange Reserves $3.119 Trillion vs $3.109 Trillion at End-Oct
BEIJING--China's foreign-exchange reserves grew for a 10th straight month in November, official data showed Thursday.
The reserves increased by $10.06 billion from the previous month to $3.119 trillion, following a gain of $703 million in October, the People's Bank of China said. Economists polled by The Wall Street Journal had expected a rise of $13 billion.
Beijing's tightened rules on moving money out of the country have helped limit capital outflows this year. Renewed firmness in the yuan against other currencies, including the U.S. dollar, has also reduced the need for the central bank to burn through reserves to prop up the Chinese currency.
China's central bank and commercial lenders recorded net purchases of foreign exchange in September and October, reversing a trend of net sales stretching back nearly two years.
The yuan rose slightly against the dollar in November, making it a nearly 5% increase so far this year.
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(END) Dow Jones Newswires
December 07, 2017 03:19 ET (08:19 GMT)Copyright (c) 2017 Dow Jones & Company, Inc.