China Sees FX Reserves Fall To Lowest Level Since 2011 On Strong Greenback

[kreslik.news]

China’s foreign-exchange reserves have taken a tumble, reaching their lowest level in four years as the rallying US dollar impacts on the value of its holdings.

According to a statement issued by the People’s Bank of China, the world’s largest currency hoard fell by $28 billion to $3.19 trillion in May. That’s almost in line with the $3.2 trillion median forecast of economists surveyed by Bloomberg.

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Li Wei, a China and Asia economist at Commonwealth Bank of Australia in ... (read more)