China Forex reserves posts record quarterly drop


Oct 07, 2015 (LBO) – China’s foreign exchange reserves has posted a record drop in September quarter after its central bank intervened into the market to stabilize the yuan.

Its foreign exchange reserves have fallen to 3.51 trillion US dollars at the end of September, People’s Bank of China said.

The reserves decreased by 43.26 billion US dollars in September, marking the fourth consecutive month of declines.

The reserves dropped by a record 93.9 billion US dollars in August.

Media reports said the reserves were down by 180 billion US Dollars in the three months to September in their largest ever quarterly fall.

The country’s gold reserves also fell from 61.795 billion US dollars at the end of August to 61.189 billion US dollars at the end of September.