Economics
China Reserves at Lowest Since 2011 as PBOC Supports Yuan
- Reserves dropped by $15.9 billion to $3.19 trillion in August
- Stockpile has been stabilizing this year even as yuan weakens
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China’s foreign-exchange reserves, the world’s largest foreign currency hoard, slipped to the lowest level since 2011 as the central bank continued its defense of the currency.
The reserves fell by $15.9 billion to $3.19 trillion in August, the People’s Bank of China said in a statement Wednesday. That level, down slightly but still in line with most of the readings this year, matched the median estimate in a Bloomberg survey of economists.