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China's FX Reserves Rebound In October - Herald

MNI (Singapore)

China's foreign exchange reserves rose USD23.5 billion to USD3.05 trillion at the end of October on exchange rate conversions and asset price changes after two consecutive months of slight declines, 21st Century Business Herald reported. Non-U.S. dollar assets increased on the appreciation of euro and pound as the U.S. Dollar Index fell by 0.5% in October, while the equity assets in FX reserves also rose significantly amid the rally in the S&P 500, Euro Stoxx 50 and Nikkei 225, the newspaper said citing analysts. Compared with Japan, South Korea and other Asian countries, which have seen a fall in reserves amid currency intervention, China’s larger reserves may offer a stronger deterrent against speculative capital and better support the yuan, the newspaper said citing an unnamed FX trader in Hong Kong.

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