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6th Aug 2025 12:33China+Daily Monitor

  • China’s FX reserves fell less than the market expected, but still staged the first drop since December.
  • The currency-valuation effect was the main downward driver, and the bond-valuation effect to a lesser extent.
  • The evolution of China’s FX reserves in H2 hinges critically on the outlook for USD and the Fed.

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Keywords for: 8 August 2025 China+ Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence