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    China’s FX reserves fall to lowest level since December 2011

    China's foreign exchange reserves shrank for the first time in three months in May, falling to the lowest level since December 2011, official data showed on Tuesday.

    China’s foreign exchange reserves dropped by $27.98 billion last month to $3.19 trillion, according to data released by the People's Bank of China.

    Analysts were expecting foreign reserves to fall to $3.20 trillion from the prior month’s $3.21 trillion.

    Market experts attributed the decline to recent strength in the U.S. dollar against the yuan.

     


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