China forex reserves fall more than expected to $3.055 trillion in August
PremiumChina forex reserves have dropped 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)
