China FX Reserves Fall Less Than Expected to $3.011 tn

The FT reports,

China’s foreign exchange reserves continued to fall in December, albeit at a slower rate than previous months, as the central bank announced a lower than expected drop in foreign exchange reserves for the month.

Reserves fell by $41bn, to $3.01tn, less than the expected $51bn drop according to a Reuters poll of analysts. In November reserves fell $70bn.

The lower than expected drop nonetheless showed that pressure on the renminbi continues, as many Chinese seek to get money out of the country.

chinafx-reserves_jan8

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