China’s Foreign Reserves Decline US$25.9B in September

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China’s foreign reserves fell by US$25.9 billion in the month of September, according to figures released by the State Administration of Foreign Exchange (SAFE).

The country’s foreign reserves stood at $3.029 trillion as of the end of September, for a decline of 0.85%, compared to the end of August. In August China’s foreign reserves fell by nearly $50 billion.

SAFE deputy-administrator Wang Chunying said at a press conference that the modest decline in China’s foreign reserves in September was primarily due to shifting exchange rates and their impact on asset values.