China’s forex reserves rise less than expected in November

SHENZHEN: China’s foreign exchange reserves grew less than expected in November, official data showed on Sunday, as the dollar’s weakness resumed.

The country’s foreign exchange reserves, the world’s largest, rose by $3 billion last month to $3.346 trillion, versus an estimated $3.359 trillion in a Reuters poll.

The reserves amounted to $3.343 trillion in October.

China state-owned banks soak up dollars to slow yuan gains

The yuan fell 0.65% against the dollar last month, while the dollar weakened 0.24% against a basket of other major currencies.