China’s foreign exchange reserves fell by a record last quarter as the country’s central bank sold U.S. dollars to support the yuan, with September posting another $43.3 billion decline, according to data released Oct. 7 by the People’s Bank of China, Bloomberg and Xinhua reported. September’s decline was China’s fourth consecutive, and it followed an unprecedented $93.9 billion drop in August. The country’s reserves of gold also fell from around $61.80 to $61.19 in September. China still has some $3.51 trillion in foreign exchange reserves. The central bank has been intervening in both the onshore and offshore currency markets to prop up the yuan’s exchange rate. China is attempting to limit its dependence on the dollar and to internationalize the yuan . Stratfor provides global awareness and guidance to individuals, governments and businesses around the world. We use a unique, intel-based approach to analyze world affairs. Copyright © 2015 […]