September 7, 2018 / 8:33 AM / 2 months ago

China Aug FX reserves dip slightly more than expected to $3.11 trln

BEIJING, Sept 7 (Reuters) - China’s foreign exchange reserves fell slightly more than expected in August as the dollar extended gains and Beijing took steps to stabilise its yuan currency in the face of mounting trade tensions with the United States.

Reserves fell $8.23 billion in August to $3.11 trillion, compared with a rise of $5.82 billion in July, central bank data showed on Friday.

Economists polled by Reuters had expected reserves to drop $6.95 billion to $3.111 trillion.

The yuan weakened for the fifth straight month in August as the dollar remained buoyant, raising concerns that Beijing may be considering a stealth devaluation to support its exporters as the Sino-U.S. trade war heated up.

But the currency clawed back a bit of ground later in the month after a series of moves by China’s central bank signalled that it was not comfortable with further losses.

The value of China’s gold reserves fell to $71.228 billion at the end of August, from $72.324 billion at the end of July. (Reporting by Kevin Yao and Cheng Fang; Editing by Kim Coghill)

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