December 7, 2018 / 8:46 AM / 10 months ago

China Nov FX reserves unexpectedly rise to $3.062 trln


BEIJING, Dec 7 (Reuters) - China’s foreign exchange reserves unexpectedly rose in November as the Chinese currency posted a rare monthly gain amid hopes for a thaw in Sino-U.S. trade tensions.

China’s reserves rose by $9 billion in November to $3.062 trillion, central bank data showed on Friday.

The gain was the first since July and compared with a fall of $33.93 billion in October.

Economists polled by Reuters had expected reserves to drop $16 billion to $3.037 trillion.

The yuan eked out a 0.2 percent rise against the dollar in November, the first monthly gain since March.

Market sentiment improved on news that U.S. President Donald Trump and his China counterpart Xi Jinping would meet to discuss trade and other issues on the sidelines of a G20 summit at the end of that month.

Trump and Xi agreed to a 90-day truce in the trade war, putting further tariff action on hold while the two sides resumed negotiations to bridge their differences.

The value of China’s gold reserves rose to $72.122 billion from $71.968 billion at the end of October.

Reporting by Beijing Monitoring Desk; Editing by Kim Coghill

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