China Dec forex fall largest ever seen

AFP, SHANGHAI: China’s foreign exchange reserves saw their biggest ever monthly drop in December, falling to a three year low, official figures showed, as the central bank sells dollars to prop up its currency.
The country’s foreign exchange stockpile, the world’s biggest, declined to $3.3 trillion last month, down some $108 billion from November, according to figures released by the State Administration of Foreign Exchange (SAFE).
The reserve drop came as the People’s Bank of China (PBoC) sells dollars to buy yuan amid a capital flight spurred by slowing growth in the world’s second largest economy. December’s drop was the biggest monthly decline on record, Bloomberg News reported.
Forex reserves now stand below the median forecast of $3.4 trillion, according to economists surveyed by Bloomberg, and the lowest since December 2012.

China Dec forex fall largest ever seen

AFP, SHANGHAI: Chinas foreign exchange reserves saw their biggest ever monthly drop in December, falling to a three year low, official figures showed, as the central bank sells dollars to prop up its currency. The countrys foreign exchange stockpile, the worlds biggest, declined to $3.3 trillion last month, down some $108 billion from November, according to figures released by the State Administration of Foreign Exchange (SAFE). The reserve drop came as the Peoples Bank of China (PBoC) sells dollars to buy yuan amid a capital flight spurred by slowing growth in the worlds second largest economy. Decembers drop was the biggest monthly decline on record, Bloomberg News reported. Forex reserves now stand below the median forecast of $3.4 trillion, according to economists surveyed by Bloomberg, and the lowest since December 2012.