Forex re­serves dropped by $425 bil­lion in July

China Daily (Canada) - - FRONT PAGE -

China’s for­eign ex­change re­serves slipped to a two-year low by the end of July, the Peo­ple’s Bank of China (PBOC), the cen­tral bank, said, im­ply­ing more cap­i­tal out­flows amid ex­pec­ta­tions of a frag­ile eco­nomic re­bound and a stronger dol­lar.

The na­tion’s re­serves dropped to $3.65 tril­lion last month, down by $42.5 bil­lion from June, the sharpest monthly de­cline since March, ac­cord­ing to PBOC data.

July’s de­crease marks the third con­sec­u­tive month that the forex re­serves have fallen. It has dropped by $343 bil­lion from a his­toric high of $3.99 tril­lion in June 2014.

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