(ECNS) — China's foreign exchange market remained stable in November with a balanced demand and supply of foreign currencies, said Wang Chunying, spokesperson for the State Administration of Foreign Exchange (SAFE).
China's foreign exchange reserves reached $3.0617 trillion at the end of November, up $8.6 billion from a month earlier.
The Chinese currency (RMB) has basically strengthened against the greenback since last month.
The use of foreign capital by enterprises, outbound investment and cross-border financing have been steady, while individual purchases of foreign exchange continued to slow with a year-on-year decline of 9 percent in November, said Wang.
China’s further opening-up, market-centered reforms, and resilience and flexibility in the economy, will help maintain stability in its forex market, it was added.