China Dec FX reserves rise to $3.073 trln

BEIJING, Jan 7 (Reuters) – China’s foreign exchange reserves rose slightly more than expected in December after Beijing and Washington agreed to resume trade talks, boosting the yuan currency against the dollar.

China’s reserves rose by $11 billion in December to $3.073 trillion, central bank data showed on Monday. That compared with a increase of $9 billion in November.

Economists polled by Reuters had expected reserves to rise $8 billion to $3.07 trillion.

The yuan rose 1.3 percent against the dollar in December.

For all of 2018, reserves fell $67.24 billion as the yuan came under selling pressure from weakening Chinese economic growth and the escalating Sino-U.S. trade war.

The value of China’s gold reserves rose to $76.331 billion from $72.122 billion at the end of November.

Source: Read Full Article