Home / News / China forex reserves fall more than expected to $3.055 trillion in August

China's foreign exchange reserves dropped more than expected to $3.055 trillion, in August, according to the official data. China's forex reserves dropped as the dollar climbed against other major currencies. China's foreign exchange reserves, which is the world's largest, fell $49.2 billion in August. In July, it had tipped to $3.104 trillion.

In August, the yuan had also dropped 2.2 per cent against the dollar, while the dollar rose 2.7 per cent 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.

At the end of August, China's gold reserves value fell to $107.49 billion 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.

(With agency inputs)

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout