China’s foreign-exchange reserves fell for a second straight month in September amid U.S. dollar strength.
The country’s hoard of foreign exchange stood at $3.029 trillion at the end of September, down $25.9 billion from a month earlier, according to data released by the People’s Bank of China on Friday.
Economists had expected China’s forex reserves at $2.995 trillion at the end of September, given pressure from capital outflow via the stock market and the U.S. dollar strengthening against other major currencies, according to a poll by The Wall Street Journal.
Due to the combined effects of exchange-rate changes and a decline in global asset prices, forex reserves decreased in September, said Wang Chunying, deputy head of China’s forex regulator, in a statement.
“The instability and uncertainty factors of the global economy have significantly increased, and fluctuations in the international financial markets have intensified,” Wang added in the statement.
