China forex reserves fall $100b in Jan

AFP, BEIJING: China’s foreign exchange reserves have fallen to their lowest level since 2012, reports said Sunday, as Beijing sells dollars to prevent the yuan from depreciating further.
The world’s largest currency hoard shrank by $99.5 billion in January to some $3.2 trillion, Bloomberg News cited the   People’s Bank of China as saying.
Worries about China’s economy have pushed the yuan to a five-year low, with foreign exchange reserves seeing their first-ever annual decline last year as Beijing tried to prevent a more drastic devaluation.

China forex reserves fall $100b in Jan

AFP, BEIJING: Chinas foreign exchange reserves have fallen to their lowest level since 2012, reports said Sunday, as Beijing sells dollars to prevent the yuan from depreciating further. The worlds largest currency hoard shrank by $99.5 billion in January to some $3.2 trillion, Bloomberg News cited the Peoples Bank of China as saying. Worries about Chinas economy have pushed the yuan to a five-year low, with foreign exchange reserves seeing their first-ever annual decline last year as Beijing tried to prevent a more drastic devaluation.