China's outstanding yuan funds for forex rise in November
Source: Xinhua | 2021-12-16
China's outstanding yuan funds for foreign exchange expanded month on month at the end of November, central bank data showed on Wednesday.
The funds stood at 21.26 trillion yuan (about 3.34 trillion U.S. dollars) at the end of November, up 35.44 billion yuan from the previous month, according to the People's Bank of China.
As the Chinese yuan is not freely convertible under the capital account, the central bank has to purchase foreign currency generated by a trade surplus and foreign investment in the country, adding funds to the money market. Such funds are an important indicator of cross-border foreign capital flows and domestic yuan liquidity.
China's foreign exchange reserves rose to more than 3.22 trillion U.S. dollars at the end of November, up 4.8 billion from a month earlier, official data showed.
The volume went up 0.15 percent from the end of October, said the State Administration of Foreign Exchange.
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