PBoC reveals $93.9 billion drop in reserves
Reserves sat at $3.56 trillion at end of August
China's foreign exchange reserves fell by $93.9 billion in August, the People's Bank of China (PBoC) revealed this week, dropping its total stock to $3.56 trillion.
In a release on its website, published on September 8, the PBoC noted there were a host of factors behind the drop, including its intervention in the foreign exchange market.
The PBoC used its reserves to help support the yuan after devaluing it earlier this month and switching to a more market-based mechanism for determining the
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