China's foreign currency reserves drop by $99.5bn in January February 8, 2016 - 13:00 AMT PanARMENIAN.Net - China's foreign currency reserves plunged by $99.5bn in January, BBC News reported citing the People's Bank of China. China has been running down its vast foreign currency reserves in an attempt to boost the value of its own currency and stem a flow of funds overseas. At $3.23 trillion, China still has the world's biggest reserve of foreign currency holdings. But that has declined by $420bn over six months and stands at the lowest level since May 2012. "While the remaining reserves still represent a substantial war chest, the mathematics around this rapid pace of depletion in recent months is simply unsustainable for any length of time," said Rajiv Biswas, Asia Pacific Chief Economist, IHS Global Insight. Related links:   Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion.   Partner news |  Latest news Russia to begin assessing migrant workers' speaking skills  Rosobrnadzor is planning to change the Russian language exam for migrant workers and include an assessment of speaking skillsArmenian, Saudi Foreign Minister meet in Riyadh The two commended the positive dynamics of the development of political dialogue between Armenia and Saudi ArabiaPashinyan: Azerbaijan’s proximity shouldn’t worry border residents At the same time, he said that he “does not guarantee [the security of villagers] one hundred percent”.U.S. doesn’t see Russia as contributing to peace in Caucasus Patel made the remarks when asked about the implications of Russia’s withdrawal of peacekeepers from Karabakh. |
