The People’s Bank of China’s total yuan positions in August fell RMB318.4 billion (US$34.3 billion) to RMB26.1 trillion, indicating outflows and adding to signs that the central bank intervened in the foreign-exchange market to prop up the currency after changing the system by which its floating peg is set on August 11, Bloomberg reported, citing new data released by the bank. The drop was the largest on record, and came after the central bank last week reported a record US$93.9 billion monthly decline in its foreign-exchange reserves, giving weight to speculation that it sold dollars to fight off yuan depreciation pressure.
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