China’s foreign exchange reserves dipped below $3tn in January for the first time in five years, but the decline was the lowest in seven months as tighter capital controls and a stronger renminbi discouraged outflows.
Official reserves fell by $12.3bn to just under $3tn, well below the average $52bn monthly drop in the third quarter of last year.
China’s reserves peaked at $3.99tn in June 2014, but since then the central bank has sold dollars aggressively to curb renminbi depreciation.
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