China’s Forex Reserves Fall Below $3 Trillion in January

By Fran Wang

(Beijing) — China’s foreign exchange reserves broke the psychological “comfort level” of $3 trillion in January for the first time in nearly six years, official data showed Tuesday, but the decrease slowed sharply on a weakened U.S. dollar and Beijing’s measures to stem capital flight.

The country’s stockpile of foreign currency dropped for the seventh straight month in January to $2.9982 trillion from $3.0105 trillion in the previous month, data published by the People’s Bank of China (PBOC) showed.

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