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China Foreign-Exchange Reserves Extend Slump

  • Currency hoard shrinks by $108 billion to $3.33 trillion
  • Decline in reserve holdings exceeds estimates by economists
Bloomberg business news

Global Market Turmoil From China's Yuan Devaluation

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China’s foreign-exchange reserves slid more than forecast in December, capping their first-ever annual decline, as authorities sought to prop up a weakening yuan.

The currency hoard shrank by a record $108 billion to $3.33 trillion in December, the People’s Bank of China said Thursday. The median forecast of economists surveyed by Bloomberg was for a drop to $3.42 trillion. The reserves fell by more than half a trillion dollars in 2015.