MNI BRIEF: PBOC Increases Gold Reserves
MNI (BEIJING ) - The People's Bank of China increased gold holding in November after a six-month pause, while China’s forex reserves rose to USD3.27 trillion, according to the State Administration of Foreign Exchange.
As of the end of November, China's gold reserves stood at 72.96 million ounces, up from 72.80 million ounces at the end of October. At the same time, the forex reserves saw an increase of USD4.8 billion or 0.15% compared to the end of October.
SAFE said the combined impact of exchange rate conversions and changes in asset prices led to the increase for the month due to a rise in the U.S. dollar index and overall increases in global financial asset prices. The continued recovery momentum in China's economy and improved market confidence are expected to support the stability of the forex reserves, it noted.(See MNI: China Not Closed To Discussing Deal On Yuan - Advisors)