China’s foreign exchange reserves dropped by $28bn in May, falling to their lowest level since the end of December 2011.
Overall reserves dropped to $3.191tn in May, according to new data from the People’s Bank of China, from $3.219tn in April. Analysts had expected a reading of $3.2tn.
Concerns over China’s war chest have emerged over the past year as Beijing has sold dollars to support its falling currency and stem capital outflows.
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