BUSINESS China's foreign exchange market stable in November


China's foreign exchange market stable in November

12:01, December 22, 2018

China's foreign exchange market remained stable in November with a balanced demand and supply of foreign currencies, said Wang Chunying, spokesperson for the State Administration of Foreign Exchange (SAFE). 


Photos: VCG

China's foreign exchange reserves reached $3.0617 trillion at the end of November, up $8.6 billion from a month earlier. 

The Chinese currency (yuan) has basically strengthened against the greenback since last month.

The use of foreign capital by enterprises, outbound investment and cross-border financing have been steady, while individual purchases of foreign exchange continued to slow with a year-on-year decline of 9 percent in November, said Wang. 

China’s further opening-up, market-centered reforms, and resilience and flexibility in the economy, will help maintain stability in its forex market, it was added.

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