SHANGHAI: China’s foreign exchange reserves fell in September, official data showed on Friday, as the dollar climbed against other major currencies.
The country’s foreign exchange reserves - the world’s largest - decreased to $3.029 trillion last month, compared with $3.055 trillion at the end of August.
China’s “current account will maintain a reasonable size surplus,” said Wang Chunying, spokesperson for the State Administration of Foreign Exchange in response to a question on future trends.
The yuan fell 3.2% against the dollar in September, while the dollar rose by about the same margin against a basket of other major currencies.
The value of China’s gold reserves fell to $104.72 billion at the end of September from $107.49 billion at the end of August.
Dollar nurses pullback as traders glimpse rate peaks
China’s central bank said on Sept. 26 that it will reinstate foreign exchange risk reserves for some forwards contracts, a move that would make betting against the yuan currency more expensive in order to slow the pace of recent depreciation.
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