China's foreign-exchange reserves fell in July
- Reserves declined by $43 billion in July to $3.65 trillion
- The least since August 2013
- 3rd month in a row of declines in reserves
- PBOC intervention (buy yuan, sell reserves of foreign currency to do so) to hold the yuan steady against the USD, capital outflows, falling stocks all cited
"The drop reflects the central bank's intervention in the market to keep the yuan stable, as well as the continued capital outflows," said Li Miaoxian, a Beijing-based economist at Bocom International Holdings Co (via Bloomberg)
China's FX reserves are still triple the size of any other country
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I know it's a long time until next weekend, but keep this useful piece of info in mind when trying to impress that girl (or guy) at the bar on Saturday night ...
- This is the first time the PBOC has announced the foreign-reserves data on a monthly basis.
- The bank used to release the figures each quarter
Drop that into the conversation at some stage and you are in! You're welcome.
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For more weekend data from China: Weekend China data round-up
