Mainland reserves hit US$3.12 trillion

Business | Reuters and Tracy Hu 8 Dec 2017

The People's Bank of China said yesterday that national foreign currency reserves stood at US$3.12 trillion (HK$24.33 trillion) as of November 30, representing a 10-month consecutive rise, though less than market estimates.

Analysts expect the reserve to remain stable as US tax reforms and the US Federal Reserve's interest rate hike will weaken the impact of valuation factors.

The State Administration of Foreign Exchange said the appreciation of non-US dollar currencies and changes in asset prices were the main reasons for the rise.

Meanwhile, the Hong Kong Monetary Authority announced that the official foreign currency reserve assets amounted to US$422.1 billion as of November 30.

Including unsettled forex contracts, the reserve assets amounted to US$413.5 billion.

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