In the month of August, China’s foreign exchange reserves decreased by $93.9 billion. This is the biggest monthly fall in China’s Forex reserves.
The fall in the Forex reserve is due to the fact that China is trying to stop the slide in its currency – Yuan and stabilise financial markets. In a surprise move, China had devalued its currency last month.
China has the world’s largest Forex Reserves.
China Revised Down the GDP
- China has revised its annual economic growth rate in 2014 to 7.3% from the previously released figure of 7.4%.
- China’s GDP stood at 63.6 trillion yuan ($10 trillion) in 2014, which was down by 32.4 billion yuan from the initial estimate.
