China's foreign exchange war chest drained as growth fears intensify


By Szu Ping Chan
The Telegraph, London
Monday, September 7, 2015

China's war chest of foreign exchange reserves fell by the largest amount on record in August, as official data revealed the cost of efforts to defend the renminbi.

Reserves fell by $93.9 billion to $3.56 trillion (L2.33 trillion) last month, according to the People's Bank of China (PBoC).

The amount represents the biggest monthly fall on record and the largest in percentage terms since May 2012, when the country's reserves fell by almost 3 percent.

China's central bank has sold dollars to support its currency following the PBoC's shock decision to devalue the yuan for the first time in modern history. ...

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