In January China’s foreign exchange reserves fell to its lowest level since February 2011

Almaty. February 7. Silkroadnews – China’s foreign exchange reserves fell by another $12.3 billion to $2.998 trillion, TASS reports.

As the report published by the People’s Bank of China shows, it is the seventh straight month when reserves volume drops and the first time when since February 2011 when it fell below $3 trillion.

As of the end of January the gold reserves in monetary terms increased by $3.39 billion and reached $71.29 billion.
Over the past ten years China’s foreign exchange reserves soared due to the export of Chinese goods. Since 2014, though, the volume of reserves started to decline along with decrease in demand for Chinese goods abroad, slowdown of the country’s economy and changes at the international financial market.

In 2015 China’s foreign exchange reserves fell by a record $513 billion, in 2016 their volume got reduced by another $320 billion.