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China's forex reserves fall in September

CHINA'S foreign exchange reserves continued to fall in September.

Forex reserves fell to US$3.166 trillion at the end of September, down from 3.185 trillion in August, the People's Bank of China (PBOC) said on Friday.

The forex reserves have declined for three consecutive months since July, according to the bank. Economists had expected the reserves to stand at US$3.18 trillion during last month.

If denominated in Special Drawing Rights, reserves fell to 2.27 trillion, according to the PBOC.

China sold some of its forex reserves to stabilize RMB interest rates in September, said Zhao Yang of Nomura, adding that Chinese residents' purchase of foreign currency ahead of the weeklong National Day holiday which ended Friday was also a reason for the fall in forex reserves.

PBOC data also showed that the country's official gold reserves stood at US$78.2 billion by end of September, up from 77.18 billion in August.


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