BEIJING (Reuters) – China’s foreign exchange reserves rose by $3.5 billion in August to $3.1072 trillion, central bank data showed on Saturday.
Economists polled by Reuters had expected the country’s reserves, the world’s largest, would fall by $4 billion to $3.100 trillion, likely due to fluctuations in global exchange rates and the prices of foreign bonds that China holds.
China has been able to keep capital outflows under control over the past year despite an escalating trade war with the United States and weakening economic growth at home. [CNY/]
But the yuan posted its biggest monthly drop in 25 years in August as trade tensions intensified, and has weakened to 11-1/2 year lows.[CNY/]
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