China’s foreign exchange reserves dropped more sharply than expected in October, falling to their lowest level in more than five years, according to data from the People’s Bank of China.
Reserves were $3.121tn, a level last reached in March 2011. The monthly decline amounted to $45.7bn, bigger than economists had forecast, with the scale of drop the largest since January when markets were thrown off course by concerns about China’s economy slowing down and a falling oil price.
Peter Kinsella, emerging markets FX strategist at Commerzbank, said the decline in FX reserves was consistent with the development of dollar-renminbi exchange rates during October.
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