Currency Exchange Rates - Strong US Dollar Impacts Yuan

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Currency Exchange Rates - Strong US Dollar Impacts Yuan

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China’s foreign exchange reserves fall more than expected to US$3 trillion
September figures show sharper than forecast drop as yuan continues to depreciate against the dollar
PUBLISHED : Sunday, 07 October, 2018, 6:26pm
China’s foreign exchange reserves fell more than expected in September to a 14-month low as the yuan weakened further against the dollar amid mounting trade tension with the United States.

Reserves fell US$22.69 billion in September to US$3.09 trillion, the biggest drop since February, compared with a decline of US$8.23 billion in August, central bank data showed on Sunday.

Economists polled by Reuters had expected reserves to drop by US$5 billion to US$3.1 trillion.

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

The United States and China imposed fresh tariffs on each other’s goods last month.
https://www.scmp.com/economy/china-econ ... 3-trillion
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