Total reserves fell to US$3.185tn in August, according to the People’s Bank of China, down 0.5 per cent from July’s figure and within the range of change established by recent fluctuations.
While the latest reading marks a second month of contraction and a low point for the year to date, the dip is marginal in comparison to the losing streak in late 2015 and early 2016 that had global markets on edge.
Those falls had been driven by capital outflows that were themselves spurred by continued and dramatic devaluation of the renminbi.
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