China's Foreign Exchange Reserves Unexpectedly Surge in November

Despite the weakening of the yuan against the US dollar amid the upcoming second Trump administration's threats of tariffs, China's foreign exchange reserves unexpectedly rose in November.

The People's Bank of China (PBoC) reported that the country's foreign exchange reserves increased by $4.8 billion to $3.266 trillion by the end of November. Analysts had forecasted a decline in reserves from $3.261 trillion the previous month to $3.241 trillion.

Official data also showed that PBoC resumed gold purchases in November after a six-month hiatus. The amount of gold held by PBoC increased by 160,000 ounces last month, totaling 72.96 million ounces.