BEIJING: China’s foreign exchange reserves fell by some $16 billion dollars in August, officials said Wednesday, as the country’s central bank sold dollars to defend its currency against capital outflows.
The world’s largest currency hoard fell to just under $3.19 trillion, the People’s Bank of China (PBOC) said on its website.
Analysts said the fall indicated China is selling foreign exchange to buy its currency the yuan amid capital flight spurred by the slowing growth in the world’s second largest economy. The fall was larger than July’s decline of $2 billion and bought China’s reserves to their lowest level since late 2011, the official Xinhua news agency said.
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