NEW YORK TIMES: China is scrambling to recover after devaluing its currency.
NEW YORK TIMES: China is scrambling to recover after devaluing its currency.
Even after a record monthly decrease of nearly $100 billion, China still has the world’s biggest cache of foreign reserves, standing at $3.56 trillion at the end of last month, government data showed Monday.
The total has declined steadily from a peak of nearly $4 trillion in June 2014, as slowing economic growth has caused investors to move money out of the country in search of better returns elsewhere. As a result, the Chinese central bank has had to sell huge amounts from its foreign reserves to maintain the strength of the nation’s currency, the renminbi.
