MNI China Press Digest Nov 10: Exports, FX Reserves, Housing

Highlights from Chinese press reports on Monday:

• Christmas orders are expected to support China’s exports, Securities Daily reported. Yiwu, a city in Zhejiang province, the world's largest distribution center for Christmas supplies, exported a total of CNY5.17 billion Christmas products in the first three quarters, an increase of 22.9% y/y. Such exports to Latin America and the EU rose by 17.3% and 45.0% y/y, respectively, accounting for more than 60% of Yiwu's total Christmas product exports.
• China's foreign exchange reserves amounted to USD3.34 trillion by end-Oct, up USD4.7 billion from end-Sep, representing a rise of 0.14%, Yicai.com reported citing data from the State Administration of Foreign Exchange. The dollar index rose in October, and global financial asset prices generally elevated, driven by macro data and monetary policies and expectations of major economies, the SAFE said. The gold reserves stood at 74.09 million ounces, an increase of 30,000 ounces from the previous month, marking the 12th consecutive month that the central bank has increased its gold holdings, the newspaper added.
• Major property developers have reduced their debt significantly through innovative methods such as debt-to-equity swaps and asset-for-debt swaps, bringing the industry's risk clearing into a new stage, wrote Securities Daily in a commentary, after Sunac China and Country Garden announced reductions of their overseas debt by approximately USD9.6 billion and USD11.7 billion. So far, 21 real-estate companies facing difficulties have had their debt restructuring or reorganisation approved or completed, with a total debt reduction scale of about CNY1.2 trillion, data by China Index Academy showed.