The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
China’s foreign exchange reserves fall for the fourth straight month in April, as capital outflow pressures grew and the yuan weakened.
Reserves fall to $3.1197 trillion in April from March’s $3.188 trillion, the People’s Bank of China said in a statement. That compares with the median estimate of $3.13 trillion in a Bloomberg survey of economists.
China in late April moved to limit the drop in the yuan by cutting the amount of money that banks need to keep in reserve for their foreign-currency holdings. The move came after the yuan declined to the lowest level against the dollar in 17 months in reaction to a small but the growing
Covid-19 outbreak in Beijing.
The Chinese yuan falls below 6.7 against a surging dollar on Friday, hitting an 18-month low in offshore trades.