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China’s forex reserves tumble amid higher external debts

China’s forex reserves tumble amid higher external debts
Photo Credit: Arabianeye - Reuters

Dubai – Mubasher: China’s foreign-exchange reserves dropped to $3.514 trillion in the third quarter of 2015, from $3.990 trillion at the end of the second quarter. Reserves recorded their biggest monthly drop in August, the People’s Bank of China (PBOC) said on Wednesday.

The data came after China’s foreign-exchange reserves fell by a record $93.9 billion in August after the PBOC surprised the market on 11 August with its decision to devalue the yuan by around 2%.

China reported $3.557 trillion worth of foreign-exchange reserves at the end of August, official data showed.

Data showed that China’s external debts amounted to $1.68 trillion at June-end, up by $6.9 billion compared with March-end