China forex reserves fall to $3.51 trillion

Marketsforu

China's foreign-exchange reserves fell to $3.514 trillion at the end of September, after the reserves recorded its biggest monthly drop in August, the People's Bank of China said on Wednesday.

The foreign-exchange reserves was down by $43.26 billion in September from the holdings a month earlier as the nation's central bank intervened in the currency market to shore up the yuan.

The data came after China's foreign-exchange reserves fell by a record of $93.9 billion in August after the PBOC surprised the market on Aug. 11 with its decision to devalue the yuan by around 2%.

China reported $3.557 trillion worth of foreign-exchange reserves at the end of August, official data showed.