China’s foreign exchange reserves fell more than expected in August, official data showed on Wednesday, as the dollar climbed against other major cu
China’s foreign exchange reserves fell more than expected in August, official data showed on Wednesday, as the dollar climbed against other major currencies.
The country’s foreign exchange reserves – the world’s largest – fell $49.2 billion to $3.055 trillion last month, compared with $3.079 trillion tipped by a Reuters poll of analysts and $3.104 trillion in July.
The yuan fell 2.2% against the dollar in August, while the dollar rose 2.7% in the same month against a basket of other major currencies.
China held 62.64 million fine troy ounces of gold at the end of August, unchanged from the end-July.
The value of China’s gold reserves fell to $107.49 billion at the end of August from $109.84 billion at the end-July.
China’s central bank said on Monday it would cut the amount of foreign exchange reserves that financial institutions must hold, a move seen as aimed at slowing the pace of the yuan’s recent depreciation.
Source: Reuters (Reporting by Albee Zhang and Kevin Yao; Editing by Andrew Heavens)
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