Tuesday, February 7, 2017
China's Forex Reserves Drop Below US$3 Trillion for First Time in Six Years
China’s foreign exchange reserves have dropped below US$3 trillion for the first time since February 2011. At the end of January 2017, reserves stood at at US$2.9982 trillion.
The Chinese government has been using its reserves to intervene in foreign exchange markets and prop up its currency.
Since reserves peaked in June 2014, China’s monetary authorities have used the equivalent of about US$1 trillion to intervene in markets.
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February 7, 2017 at 11:34 PM
How do you know they are defending their currency and not buying other things?
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