China’s foreign exchange reserves have surged for a fourth consecutive month to a ten-year high of US$3.346 trillion (HK$26 trillion), while the central bank increased its gold purchases for a 13th straight month, official data showed.
The country's foreign exchange reserves, the world's largest, rose by US$3 billion (HK$23.4 billion) last month to US$3.346 trillion, versus an estimated US$3.359 trillion in a Reuters poll.
The reserves amounted to US$3.343 trillion in October.
Authorities attributed the US$3 billion rise mainly to the impact of a weaker US dollar and changes in global asset prices.
"The US dollar index declined in November, influenced by factors including macroeconomic data and monetary policy expectations from major economies, while global financial asset prices saw mixed movements," the State Administration of Foreign Exchange said in a statement.
The yuan fell 0.65 percent against the greenback last month, while the US dollar weakened 0.24 percent against a basket of other major currencies.
Official data also shows the People's Bank of China raised its gold reserves for the 13th straight month in November, adding 30,000 fine troy ounces.
Gold holdings stood at 74.12 million ounces at the end of November, up from 74.09 million at the end of October.
The PBOC had paused its gold purchases in May 2024 after an 18-month buying spree, before resuming the purchases in November 2024.
