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Yuan Funds for Foreign Exchanges Drop for Second Month

The People's Bank of China announced the country's yuan funds outstanding for foreign exchange has dropped for a second month in November from the previous month.

As of the end of November, China's total yuan funds outstanding for foreign exchange stood at 25.5 trillion yuan.

The figure is down from 27.9 billion yuan at the end of October.

The PBOC's funds outstanding for foreign exchange refers to the amount of yuan injected by the central bank into the market through its purchase of foreign currencies on the interbank market.

Some are suggesting that financial institutions are inclined right now to hold onto the US dollar amid the yuan's weakening against the greenback recently.