reserves: The increase in August suggested China is doing better than expected at hedging against financial risks, according to Global Times China. On August 5, the yuan slipped past the key psychological level of 7 per US dollar for the first time since 2008, spreading panic in the market. Economists polled by Reuters had expected that reserves would fall from July. One month later, the yuan maintained overall stability without the support of the government, with the central parity rate standing at 7.0855 on Friday. The increase of foreign currency reserves added to evidence of a solid economic base in China. The risk of a free fall is declining, and people's confidence is returning.
(news.financializer.com). As
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