Home > News > Daily News > China forex reserves fall by record amount
News
Daily News
Industry News
Company news
Certifications
Latest News

Gifts of love in ancient China

Jade pendants The ancient Chinese usually gave their lovers something small so that they could easily take it everywhere. A jade pendant is a good cho...

what is mild steel

Mild steel is a type of carbon steel with a low amount of carbon – it is actually also known as “low carbon steel.” Although ranges vary depending ...

10 Differences between a Businessman and Entrepreneur

10 Differences between a Businessman and Entrepreneur Business people and entrepreneurs have many similarities.However, they are not the same kind of ...

What is ALOCROM 1200 surface treatment

What is ALOCROM 1200surface treatment Alocrom 1200 is a rapidnon-electrolytic dip process which gives excellent protection against corrosionto both pa...

What is Kydex material

What is Kydexmaterial Kydex is a line of thermoplasticacrylic-polyvinyl chloride materials manufactured by Sekisui SPI. It has a widevariety of applic...

What is Over mold?

Overmolding is also called 2 times injection molding in China. Compared with the third-party material bonding, overmolding process makes the process f...

What is Alodine 5200 surface treatment

What is Alodine 5200surface treatment Alodine 5200 treatment is a chromiumfree product and specifically formulated for treating aluminium and its allo...

What is Black Oxide?

Black Oxide, blackening, oxidizing, oxiding, black passivating, gun bluing . . . these terms all refer to the process of forming a black iron oxide on...

How and When to Add Bend Reliefs to Sheet Metal Parts

What is a Bend Relief? A bend relief is nothing more than two small incisions cut into a piece of sheet metal to free the metal between the two. It se...

Privacy Policy

We will not collect and store your information in any form.
Contact Us
Vice General Manager: Ivy
Tel:86-13312953695
Tel:86-755-82737317/82737469
Fax:86-755-82737710
E-mail: sales910@xy-global.com, sales.china@xy-global.com
Postal Code: 518129
Off Add: Room1702,17F,Building#4,Tianan Cloud Park,No.2018 Xuegang Rd.,Longgang District,Shenzhen.
Factory Add:Daling Industrial Area,Shaling,Fenggang Town,Dongguan City Contact Now

China forex reserves fall by record amount

China forex reserves fall by record amount

naky www.diecastingpartsupplier.com 2015-09-10 14:56:14
China's foreign exchange reserves fell by $94bn last month as Beijing implemented a new currency regime that ostensibly gives more say to market voices.

The figure suggests Beijing stepped up its efforts to intervene in the currency market to create stability in the wake of its new regime.

The $94bn cutback is the sharpest monthly fall in reserves on record, while in percentage terms it's the biggest fall since May 2012. In July China's reserves had only been depleted by $42bn.

Says Hao Zhou, an analyst at Commerzbank:

Further intervention can be expected as China reiterates to maintain a "stable currency". However, it is not costless.

At the end of August China's reserves fell 2.6 per cent from July to $3.557bn — a sizeable amount but the least since August 2013.

Julian Evans-Pritchard at Capital Economics said some analysts had suggested the PBoC has burned through as much as $200bn to shore up the renminbi. Mr Evans-Pritchard added:

Actual foreign exchange sales are likely to have been slightly larger than the headline fall in the value of reserves. A strengthening of the yen and euro last month will have boosted the dollar value of the reserves by around $20bn. This implies that the People's Bank sold about $110bn last month.

Below are the official numbers, followed by Barclays' estimates for FX intervention - from Sept 3