Mubasher: China’s foreign exchange (FX) reserves rose in November, after the Chinese yuan (CNY) recorded a rare monthly gain, official data showed on Friday.

China’s reserves rose by $9 billion last November to $3.062 trillion, according to data from People’s Bank of China (PBOC).

This marked the first gain since July, and compared with a drop of $33.93 billion in October.

Meanwhile, analysts polled by Thomson Reuters expected foreign reserves to fall $16 billion.

The value of gold reserves in the world’s second largest economy went up to $72.122 billion, from $71.968 billion in October.

The yuan saw a 0.2% gain against the US dollar last November, the first monthly rise since March, as sentiment improved on news that US President Donald Trump and his Chinese counterpart Xi Jinping would meet to discuss trade and other issues on the sidelines of the Group of 20 (G20) summit at the end of the month.

Both leaders agreed on a 90-day trade ceasefire, during which neither side would take another tariff action, while Washington and Beijing would resume negotiations to resolve their disputes.

By 2:32 pm GMT, the yuan traded against the US dollar at CNY 6.8781.