China FX reserves still rising fast – Reuters

From Reuters

China’s foreign exchange reserves, the world’s second largest, continued to swell in August, a newspaper reported on Friday, suggesting little relief in upward pressure on the yuan since its revaluation in July.

Hot money is still flowing strongly into the economy as a bet on further currency appreciation, the data, reported by the China Business News, indicated.

“China’s foreign exchange reserves totaled $753.2 billion at the end of August, while the level was $732.4 billion at the end of July,” the newspaper said, without citing sources.

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