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China's foreign exchange reserves fall in August


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China's foreign exchange reserves fall in August

China's foreign exchange reserves fell by $8.2 billion to $3.11 trillion in August as the yuan depreciated against the dollar and the People's Bank of China took steps to stabilize the currency.

An official from the State Administration of Foreign Exchange attributed the decline to the combined effects of global trade tensions, geopolitical and economic factors, and U.S. dollar fluctuations.

The yuan weakened for the fifth straight month in August but later recovered some of its losses after the PBOC took measures to ease pressure on the yuan, including raising the reserve requirement ratio on foreign exchange settlements and restricting lending activities in free trade zones.

The value of China's gold reserves also fell to $71.228 billion in August from $72.324 billion in July, Reuters reported.