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QINGDAO TODAY
在线翻译:
szdaily -> Markets -> 
Forex reserves drop on trade tensions, yuan
    2018-10-09  08:53    Shenzhen Daily

CHINA’S foreign exchange reserves fell more than expected in September to a 14-month low as the yuan currency weakened further against the U.S. dollar amid mounting trade tension with the United States.

Reserves fell US$22.69 billion in September to US$3.087 trillion, the biggest drop since February, compared with a decline of US$8.23 billion in August, central bank data showed Sunday.

Economists polled had expected reserves to drop by US$5 billion to US$3.105 trillion.

The yuan fell for the sixth straight month in September as the dollar remained buoyant, suggesting China may be in no rush to intervene because a weaker currency would support its exporters amid the escalating Sino-U.S. trade war.

The United States and China imposed fresh tariffs on each other’s goods last month.

The small drop in reserves was due to changes in the value of foreign currencies and asset prices, the State Administration of Foreign Exchange said.

“Although we face relatively large external uncertainties, the Chinese economy has the ability to accommodate and fend off external risks,” the statement said.

The scale of China’s foreign exchange reserve was expected to maintain stable despite fluctuations, it said.

The nation’s reserve holdings, the world’s biggest, have shown modest fluctuations in value this year as capital controls remain in place and policymakers have taken measures to stabilize the falling currency. That said, amid a worsening trade-war outlook, negative sentiment around China’s economy and a surging U.S. dollar would test Chinese authorities’ resolve to defend the currency. (SD-Agencies)

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