CHINA’S FOREX RE­SERVES DOWN US$46B IN OC­TO­BER

The Sun (Malaysia) - - SUNBIZ -

SHANG­HAI: China’s for­eign ex­change re­serves dropped nearly US$46 bil­lion (RM185 bil­lion) in Oc­to­ber, the cen­tral bank said, their sec­ond­largest de­cline this year as cap­i­tal out­flows eat into the world’s largest stock­pile. The coun­try’s hard cur­rency re­serves fell to US$3.12 tril­lion last month, data from the Peo­ple’s Bank of China (PBoC) showed, their fourth con­sec­u­tive de­cline. The fig­ure was short of a me­dian fore­cast of US$3.13 tril­lion in a Bloomberg News sur­vey, and an­a­lysts said a stronger dol­lar as well as con­tin­ued cap­i­tal out­flows caused by de­clines in China’s yuan cur­rency were be­hind the de­crease. – AFP

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