Restoring confidence: A cargo ship waits to be loaded with shipping containers at a port in Qingdao, China. Beijing is pressing on with attempts to ease concerns about a cooling economy, which is growing at its slowest pace in decades.— Reuters
BEIJING: China’s foreign exchange reserves posted their biggest quarterly decline on record in July-September, as the central bank stepped up intervention to stabilise the yuan and calm sentiment after an unexpected devaluation of its currency had jolted global markets.
China’s reserves, the world’s largest, dropped US$43.3bil to US$3.514 trillion last month, central bank data showed yesterday, and were down by about US$180bil in the third quarter in their largest ever quarterly fall, according to Reuters data going back to 1980.
Limited time offer:
Just RM5 per month.
