China Nov forex reserves drops to the lowest since March 2011

The Chinese central bank, PBOC, published on its website last month’s forex reserves data, which revealed that the country’s foreign exchange reserves fell for a fifth straight month in November and by more than expected to the lowest since March 2011, as Beijing struggles to stem the Yuan slide.

Reserves fell by $69.06 billion last month to $3.052 trillion, central bank data showed on Wednesday, following a drop of $45.7 billion in October, as reported by Reuters.

Economists polled by Reuters had expected reserves to drop $30 billion to $3.091 trillion, from $3.121 trillion at the end of October.