
![]() |
| (File photo) |
BEIJING, Nov. 7 -- China's foreign exchange reserves rose to 3.53 trillion U.S. dollars at the end of October, the central bank announced on Saturday.
The reserves grew by 11.4 billion dollars in October, ending five months of decline, according to the People's Bank of China.
Gold reserves climbed from 61.2 billion dollars at the end of September to 63.3 billion dollars at the end of October.
Fuelled by exports, forex reserves grew for more than a decade before beginning their decline in the third quarter of 2014. In the third quarter of 2015, forex reserves fell by 180 billion U.S. dollars, much more than the 40 billion U.S.dollar decrease in the second quarter, a fifth consecutive quarterly drop.
In September, China's central bank advisor Huang Yiping dispelled worries that the forex reserves are running out following a record fall in August, saying intervention in the market will not persist.
On Aug. 11, the central bank decided to let the market have a greater say in forming the yuan's central parity rate against the U.S. dollar, which led to a depreciation of more than 4 percent in August.
The current intervention is due to concerns over excessive fluctuations of the exchange rate, but China's ultimate goal is to make market supply and demand play a larger role in the rate formation system.
Amazing Chinese fighters
When a Chinese woman marries an Indian man
Love beyond limit of heights in the world
Photos of beautiful teacher hit the Internet
Transparent Over-cliff Path Cracked Suddenly
Bride-to-be tries to save drowned man
Russian helicopter lands safely after being attacked in Syria
Models change clothes on street in Hangzhou
Winding mountain road
in China
Top 20 hottest women in the world in 2014
Top 10 hardest languages to learn
10 Chinese female stars with most beautiful faces
China’s Top 10 Unique Bridges, Highways and Roads
Women need not apply
Lesson from the blasts
China, Vietnam advance comradely ties
Inmate art exhibit draws attention to mental healthDay|Week