China’s foreign-exchange reserves fell by a record US$93.9 billion in August to US$3.56 trillion as of the month’s end, The Wall Street Journal reported, citing data from the central bank. China used its reserves to stabilize the yuan after the central bank devalued the currency on August 11, a move that heightened worries about growth in the world’s second-largest economy and sparked a sharp selloff across global stock markets. While the People’s Bank of China’s currency reserves still account for almost a third of all holdings of central banks world-wide, they have declined from a peak of almost US$4 trillion in June 2014 as growth slows and more money leaves the country.
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