(Yicai Global) Dec. 24 -- Overseas investors boosted their holdings of Chinese bonds and stocks by a net USD24.4 billion last month, proof that Chinese yuan-denominated assets remain attractive, a spokeswoman for the State Administration of Foreign Exchange said today.

Cross-border payments and the forex trading market were active last month, Wang Chuying said. The central bank sold USD25.2 billion worth of forex, up from USD16.5 billion in October, mostly due to increased export earnings. The non-bank sector's overseas receipts gained USD33.1 billion.

Uncertainties and destabilizing factors in the external environment are increasing, Wang said. The Covid-19 pandemic continues to reverberate around the world and inflation remains high in many countries, with a possible accelerated monetary policy shift in major economies.

But the long-term fundamentals of the Chinese economy remain unchanged and the smooth operation of the foreign exchange market is still solid, thanks to the economy's strong resilience as well as the government’s prudent and effective macro policies, Wang said.

China's forex reserves inched up in November from the month before to USD3.22 trillion. The forex settlement rate, or the ratio of forex sold to banks to forex earnings, was 65 percent last month, similar to July through October. While the forex selling rate, or the ratio of the amount of forex bought from banks to forex payments, stood at 64 percent, also similar to July through October.

Editor: Kim Taylor