Strong Dollar Hits China’s Foreign-Exchange Reserves
The Wall Street Journal | Wed, Nov 7, 2018
by Grace Zhu and Liyan Qi
China’s foreign-exchange reserves saw its biggest monthly drop in October in nearly two years, hit by a strong U.S. dollar that hurt the value of other holdings and likely prompted government intervention to shore up the yuan.
October’s decrease of $33.93 billion was the largest since December 2016 when Beijing was battling capital flight and burned through $1 trillion to defend the yuan.