China forex reserves fall to US$3.029 tn in Sept
China's foreign exchange reserves fell in September, official data showed on Friday, as the dollar climbed against other major currencies. The country's foreign exchange reserves – the world's largest – decreased to US$3.029 trillion last month, compared with US$3.055 trillion at the end of August. China's "current account will maintain a reasonable size surplus," said Wang Chunying, spokesperson for the State Administration of Foreign Exchange in response to a question on future trends. The yuan fell 3.2 percent against the dollar in September, while the dollar rose by about the same margin against a basket of other major currencies. The value of China's gold reserves fell to US$104.72 billion at the end of September from US$107.49 billion at the end of August. China's central bank said on September 26 that it will reinstate foreign exchange risk reserves for some forwards contracts, a move that would make betting against the yuan currency more expensive in order to slow the pace of recent depreciation. (Reuters)