China’s forex reserves plunge to $3.557 tn, biggest fall on record – PBOC

FXStreet (Mumbai) – China’s foreign exchange reserves shrank by a record $93.9 billion to $3.557 trillion last month as the People’s Bank of China (PBOC), the country’s central bank, increased its interventions aimed at stabilizing the yuan following the shocking triple devaluation of the currency in August.

It is the biggest foreign-currency reserves fall in China on record.

Meanwhile, the value of gold holdings stood at $61.8 billion at the end of August, up from $59.24 billion at the end of July, according to the PBOC’s website.

Hao Zhou, an analyst at Commerzbank noted, “Further intervention can be expected as China reiterates [its intention] to maintain a ‘stable currency’.”

The PBOC started reporting its foreign exchange reserves on a monthly basis in July, accepting the IMF’s Special Data Dissemination Standard (SDDS).

China’s foreign exchange reserves shrank by a record $93.9 billion to $3.557 trillion last month as the People’s Bank of China (PBOC), the country’s central bank, increased its interventions aimed at stabilizing the yuan following the shocking triple devaluation of the currency in August.

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