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China's FX Reserves Slip in July Signaling Little Intervention
China’s foreign-currency holdings slipped in July as dollar assets strengthened, signaling minimal intervention to manage the yuan level. Reserves declined to $3.104 trillion in the month from $3.119 trillion in June, the People’s Bank of China said Wednesday Key Insights The reading is lower than the median estimate of $3.105 trillion in Bloomberg’s survey of economists. Dollar index and U.S. long-term Treasury yields edged up in July compared to the previous month, exerting downward pressure on the reserves The modest decline in the reserves stockpile signals the People’s China of China has refrained from ... (full story)