CHINA China's forex reserves edge down in August

CHINA

China's forex reserves edge down in August

CGTN

07:33, September 08, 2018

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(Photo: CGTN)

China’s foreign exchange reserves edge down in August as the US dollar extended gains and Beijing took steps to stabilize yuan in the face of mounting trade tensions with the US.

Reserves fell 8.23 billion US dollars in August to 3.11 trillion US dollars, compared with a rise of 5.82 billion US dollars in July, data from the People’s Bank of China (PBOC) showed on Friday.

Trade frictions, geopolitical and economic uncertainties and valuation changes due to the rising dollar index all contributed to the decline in reserves, China’s foreign exchange regulator said in a statement.

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