China’s foreign currency reserves suffered their largest monthly fall on record in August.
It’s the result of heavy intervention by the central bank to support
the yuan after last month’s surprise devaluation – but the drop was
less than some commentators had feared.
Figures from the People’s Bank of China
show that reserves dropped fell by $93.9 billion (84 billion euros) to
$3.557 trillion (3.2 trillion euros), as capital outflows escalated due
to fears over China’s economic
slowdown and prospects of rising US
interest rates.
One analyst said the drop in reserves was amplified as the dollar fell against other major currencies.
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Source: Euronews
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