China’s foreign currency holdings rose in August to $3.107 trillion from $3.104 trillion in July, the PBOC said Saturday, signaling the pressures from capital outflow remain muted despite the RMB’s rapid depreciation, reported Caixin.
The reading is higher than the median estimate of $3.1 trillion in a Bloomberg survey of economists. China’s reserves stockpile has stayed largely steady since 2017 as the authorities refrain from direct intervention in the market while keeping a tight rein on capital controls.
The RMB weakened more than 3.8% in August, the biggest single-month decline since data started in 1994.