|Girish Shetti |||Aug 08, 2016 09:12 AM EDT|
(Photo : Getty Images.) China’s foreign exchange reserves declined by $4.10 billion in the month of July to $3.20 trillion.
China's foreign exchange reserves fell by $4.10 billion in the month of July, after witnessing a healthy rise in June, Reuters reported.
After a decline of $4.10 billion, China's reserves stood at $3.20 trillion at the end of July, according to data released by China's Central Bank on Sunday. The decline witnessed in July was in line with a recent economist poll conducted by Reuters.
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The data showed that the country's gold reserves increased to $78.89 billion at the end of July, up from $77.43 billion in the previous month.
China's foreign exchange reserves have been on a sharp decline since last year. The reserves fell by a whopping $513 billion in 2015, largely on the account of the devaluation of Yuan and huge capital outflow.
Although the Yuan has returned to stability and capital outflow has also been curbed this year, economists are still not convinced. A recent poll of economists conducted by Reuters showed that the Yuan may depreciate by more than three percent against the dollar by a year from now. The Yuan went down below the psychological limit of 6.7 per dollar level last month, only to rebound on the central bank's intervention.
The pressure on China's foreign exchange reserves, which is largest in the entire world, reflects the gloom surrounding the Chinese economy. The world's second largest economy has been on a downslide since last year, with most economic indicators showing unimpressive growth.
Most analysts have described the current economic crisis as the worst that China has seen in over two decades.
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