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China forex reserves rise to $3.052 trln in Oct

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BEIJING — China’s foreign exchange reserves rose unexpected in October, central bank data showed on Monday, as the dollar fell against other major currencies.

The country’s foreign exchange reserves – the world’s largest – rose $23.47 billion to $3.052 trillion last month, compared with $3.018 trillion tipped in a Reuters poll of analysts and $3.029 trillion in September.

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The yuan fell 2.5% against the dollar in October, while the dollar fell 0.6% in October against a basket of other major currencies.

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The State Administration of Foreign Exchange (SAFE) said in a statement that the increase in October reserves mainly reflected valuation effects, as the dollar weakened.

“China will continue to support the overall stability of the size of foreign exchange reserves,” it said.

China has been trying to stabilize the yuan, which has fallen nearly 12% against a broadly stronger dollar this year, amid concerns over capital outflows.

China will keep the yuan stable and increase flexibility of the currency, Yi Gang, governor of the People’s Bank of China (PBOC), said last week.

China’s foreign exchange reserves dropped $197.74 billion in the first 10 months of 2022, official data showed.

China held 62.64 million fine troy ounces of gold at the end of October, unchanged from the end-September.

The value of China’s gold reserves fell to $102.67 billion at the end of October from $104.72 billion at the end-September. (Reporting by Albee Zhang and Kevin Yao; Editing by Sam Holmes)

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