Party Newspaper Moves to Calm Fears as China Forex Reserves Sink

(Beijing) — The Communist Party's official newspaper called on Friday for an end to the "outdated mindset" that China needs to hoard foreign exchange reserves, after the country's holdings fell nearly $70 billion last month.

Reserves at the People's Bank of China, the country's central bank, decreased to $3.052 trillion in November, down from $3.12 trillion in October — the biggest slide since January, data from the State Administration of Foreign Exchange (SAFE) showed on Wednesday.