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ECONOMY

Forex Reserves Take First Dip in 13 Months

Economists blamed the drop in the value of China's stash of foreign currency on fluctuation in the exchange rate, as the central bank
Economists blamed the drop in the value of China's stash of foreign currency on fluctuation in the exchange rate, as the central bank "stayed largely on the sidelines." Photo: IC

China’s closely watched foreign exchange reserves fell by 0.85% in February to $3.13 trillion from January’s $3.16 trillion, marking the first decline since January 2017, according to data from the State Administration of Foreign Exchange (SAFE).

The dip in forex reserves resulted from other currencies weakening against the U.S. dollar, coupled with a correction in asset prices last month, the administration said in a statement which followed the data release.

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