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China's Currency Stash Drops by $94 Billion After Devaluation

  • Foreign-exchange hoard drops to $3.56 trillion at end August
  • `Heavier the intervention, the deeper the fall,' says Bocom
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China’s foreign-exchange reserves fell by a record last month as the central bank sold dollars to support the yuan after the biggest devaluation in two decades spurred bets on continued weakness.

The currency hoard declined by $93.9 billion to $3.56 trillion at the end of August, from $3.65 trillion a month earlier. Economists surveyed by Bloomberg had forecast a median $3.58 trillion. The yuan weakened in offshore trading and 10-year Treasury futures contracts fell after the data.