China’s foreign-exchange reserves dropped by US$28.57 billion in February to a total of US$3.2 trillion, shrinking less than investors had expected and marking a much smaller fall than was seen in the previous two months, Reuters reported, citing new data from the People’s Bank of China. China’s reserves fell US$513 billion in 2015, the largest annual drop on record, with monthly declines hitting an all-time peak of US$107.9 billion in December. The smaller February fall may reflect an easing of downward pressure on the yuan from capital outflows, allowing the central bank to scale back interventions needed to support the currency.
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