China’s central bank has burnt through nearly half a trillion dollars in foreign reserves to support its currency since August, despite criticism that it has betrayed its commitment to let market forces drive the exchange rate.
Sources close to the central bank said the intervention, while costly, had been necessary to maintain economic confidence and prevent a disorderly depreciation that could have had ripple effects far beyond the currency.
The People’s Bank of China has spent about $473bn of its foreign exchange reserves since it surprised global markets last August by changing the way it set its daily guidance rate for the currency, according to Financial Times estimates based on official data.
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