China's forex reserves decline for fourth month

Source: PTI

China's foreign exchanges reserves, the largest in the world, continued the declining trend for the fourth month falling to $3.51 trillion last month while the gold reserves too decreased amid the economic slowdown. The forex reserves decreased by $43.26 billion in September, marking the fourth consecutive month of decline, said People's Bank of China, the country's central bank. China's foreign exchange reserves fell to $3.51 trillion at the end of September, it said on Wednesday. But the September decrease was not as sharp as in August. The reserves dropped by a record $93.9 billion in August following the nearly four per cent devaluation of Chinese currency, causing concern over sudden dip in the reserves which were accumulate in the last few decades when China emerged as major exporter. The decline started as exports continue to fall resulting in slowdown of the economy which is hovering around 7%. China, the world's second largest economy, is currently trying to ramp up its domestic consumption in order to halt the slowdown. Also the country's gold reserves fell from $61.795 billion at the end of August to $61.189 billion at the end of September as China shed its gold reserves impacting the global gold prices.  

October 07, 2015 | 4:32pm IST.