BEIJING: China's foreign exchange reserves rose unexpectedly in October as the US dollar depreciated against other major currencies, according to official data released on Monday.

The world's largest country's foreign exchange reserves rose by US$23.47 billion to US$3.052 trillion last month, surpassing the US$3.018 trillion estimated in an analyst survey by Reuters and the US$3.029 trillion recorded in September.

In contrast to a basket of other major currencies, the US dollar fell 0.6% in October, while the yuan fell 2.5% against the greenback.

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According to a statement from the State Administration of Foreign Exchange, the increase in reserves for October was primarily a result of valuation effects as the US dollar depreciated.

According to the statement, "China will continue to support the overall stability of the size of foreign exchange reserves."
Amid concerns about capital outflows, China is working to stabilize the yuan, which has declined about 12% this year against a generally strong US dollar.

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Yi Gang, the governor of the People's Bank of China, said last week that China would maintain the stability of the yuan and enhance the currency's flexibility.

According to official data, China's foreign exchange reserves decreased by US$ 197.74 billion in the first ten months of 2022.
At the end of October, China still had 62.64 million fine troy ounces of gold from the end of September.

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China's gold reserves declined from US$104.72 billion at the end of September to US$102.67 billion at the end of October.