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China's Forex Reserves Increase In October

China's foreign exchange reserves increased in October, data from the People's Bank of China showed Thursday.

Forex increased by $12.7 billion from the previous month to $3.105 trillion. The value of China's gold reserves totaled $94.65 billion at the end of October.

The official data said the increase in foreign exchange reserves was largely driven by valuation effects.

The official foreign exchange reserves figures suggest that the PBoC continued to refrain from direct FX intervention last month as renminbi depreciation pressure subsided, Julian Evans-Pritchard and Martin Lynge Rasmussen, economists at Capital Economics, said.

These points to a decline in capital outflows that should make it easier for the PBoC to ease monetary conditions, the economist added.

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