ML-Implode News - China not the only country dumping FX reserves

Even before China surprised markets by announcing a record drawdown of its foreign currency denominated assets, Saudi Arabia had already begun selling its reserves to plug a hole in its budget and support its flagging currency, the riyal. In February and March, the world's largest oil exporter saw net foreign assets drop by more than $30 billion, the biggest two- month drop on record.
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"Across the 11 oil exporters I track, reserves fell by over $200 billion over the last year," she added, even adjusting for changes in other FX holdings such as euros. According to Ziemba, Libya, Algeria and Iraq are also likely to eventually sell some FX assets, as are Bahrain and Oman. Wealthier Gulf nations have sizable FX assets, thus allowing them more time.

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China not the only country dumping FX reserves