China's Foreign Reserve is expected to be USD 3482.5 billion as per the market consensus in the month of November. In October, the FX reserves were USD 3525.5 bn.

"China's FX reserves probably resumed its decline in November, albeit mostly due to the depreciation of major currencies against the US dollar over the month. We estimate that the change in FX valuations alone likely caused a $39bn decline", says Societe Generale in a research note. 

It appears that PBoC has made more active FX interventions towards end of November, led by the release of strong US data and after the inclusion of CNY in SDR. 

Since August, PBoC data continuously indicate that there is lesser reserve selling than what is estimated by the markets.

"Considering this surprising pattern, we forecast only a small amount of FX interventions in November and a total decline of $45bn in the headline reserve figure", added Societe Generale.