(MENAFN) The People's Republic of China's foreign reserves are being used excessively in an attempt to combat economic hardships, which resulted in the reserves decline to a 5 year low.
The immense decrease of USD99.5b to USD3.23t in reserves, as stated by the nation's central bank, is lower than the Bloomberg survey's forecasted drop of USD120b.
The East Asian country has been suffering a decline in economic growth which has caused it to burn through its foreign currencies in an effort to overcome a depreciating Yuan and increasing outflows.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.