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China December Forex Reserves Fall for Sixth Month, Near $3 Trillion Level

Jan 09 , 2017

China's foreign exchange reserves fell to near six-year lows in December, but held just above the critical $3 trillion level, as authorities stepped in to support the weakening yuan ahead of U.S. President-elect Donald Trump's inauguration.

China's reserves shrank by $41 billion in December, slightly less than feared but the sixth straight month of declines, data showed on Saturday, after a week in which Beijing moved aggressively to punish those betting against the currency and make it harder to get money out of the country.

Analysts had forecast a drop of $51 billion.

For the year as a whole, China's reserves fell nearly $320 billion to $3.011 trillion, on top of a record drop of $513 billion in 2015.

FULL STORY HERE

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