China forex reserves fall to $3.65 trillion in July

AFP, BEIJING: China's foreign exchange reserves, the world's largest, fell to $3.65 trillion at the end of July, the official news agency Xinhua reported yesterday adding that it was the third consecutive monthly decrease. July's fall amounted to $42.5 billion, it said, citing an announcement by the People's Bank of China (PBoC), the central bank. Friday's announcement was the first time the PBoC released monthly foreign reserve data, rather than quarterly, and marks the lowest figure since August 2013, Bloomberg News reported. China's central bank has adopted stricter reporting rules as part of its push to have the yuan added to the International Monetary Fund's basket of reserve currencies at its next review, Bloomberg added. The IMF, however, said Tuesday that China still needs to do "significant work" for the yuan to be included in its basket of "special drawing rights" (SDR) currencies. China is seeking to expand use of the yuan, also known as the renminbi, by having it included in the SDR, an international reserve asset that currently includes the US dollar, euro, British pound and Japanese yen.

China forex reserves fall to $3.65 trillion in July

AFP, BEIJING: Chinas foreign exchange reserves, the worlds largest, fell to $3.65 trillion at the end of July, the official news agency Xinhua reported yesterday adding that it was the third consecutive monthly decrease. Julys fall amounted to $42.5 billion, it said, citing an announcement by the Peoples Bank of China (PBoC), the central bank. Fridays announcement was the first time the PBoC released monthly foreign reserve data, rather than quarterly, and marks the lowest figure since August 2013, Bloomberg News reported. Chinas central bank has adopted stricter reporting rules as part of its push to have the yuan added to the International Monetary Funds basket of reserve currencies at its next review, Bloomberg added. The IMF, however, said Tuesday that China still needs to do significant work for the yuan to be included in its basket of special drawing rights (SDR) currencies. China is seeking to expand use of the yuan, also known as the renminbi, by having it included in the SDR, an international reserve asset that currently includes the US dollar, euro, British pound and Japanese yen.