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UPDATE 1-China's forex reserves rise to $3.128 trillion in December

Reuters · 01/06/2023 21:35
UPDATE 1-China's forex reserves rise to $3.128 trillion in December

Adds details on currency moves, dollar weighting in basket

- China's foreign exchange reserves rose in December, official data showed on Saturday, as the dollar fell against other major currencies.

The country's foreign exchange reserves - the world's largest - rose $11 billion to $3.128 trillion last month, compared with $3.154 trillion predicted by a Reuters poll of analysts and $3.117 trillion in November.

The yuan CNY=CFXS rose 2.8% against the dollar in December, while the dollar last month fell 2.3% against a basket of other major currencies =USD.

China held 64.64 million fine troy ounces of gold at the end of December, versus 63.67 million at the end of Nov.

The value of China's gold reserves rose to $117.24 billion at the end of December from $111.65 billion at end-Nov.

Following a 7.9% drop against the greenback in 2022, China's yuan hit a more than four-month high against the dollar on the first trading day of the year on Jan. 3, underpinned by investor optimism that domestic economic recovery could set in earlier than expected.

Starting on Jan. 1, the China Foreign Exchange Trade System (CFETS), which is overseen by the central bank, will lower the U.S. dollar's weighting in the CFETS currency basket to 19.83% from 19.88%.





(Reporting by Albee Zhang and Casey Hall; Editing by Jacqueline Wong)

((Albee.Zhang@thomsonreuters.com;))