Offshore Yuan Declines as China Foreign-Exchange Reserves Drop
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The offshore yuan erased its gains after China reported a record decline in its foreign-exchange reserves amid central bank efforts to prop up the currency.
The stockpile shrank by $93.9 billion in August to $3.56 trillion, according to official data released Monday, compared with a Bloomberg survey’s median forecast of $3.58 trillion. The drop shows the central bank “intervened intensively” to keep the yuan stable amid capital outflows after a devaluation on Aug. 11, according to Commerzbank AG.