China Foreign-Exchange Reserves Post First Rise in 6 MonthsBy
China’s foreign-exchange reserves rose in October for the first time in six months as the stock market rebounded and the currency strengthened.
The stockpile rose to $3.53 trillion from $3.51 trillion at the end of September, according to People’s Bank of China data released Saturday. That compared with a drop of $43.3 billion in September and a record $93.9 billion slide in August.
The rebound after August’s plunge indicates that capital outflow pressures are easing amid a rebound in China’s stocks and currency. The Shanghai Composite Index rose 10.8 percent last month, the best performance since April, as the government eased monetary policy to spur economic growth. The onshore yuan rose 0.6 percent in October, the biggest advance in seven months.
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