China’s foreign exchange reserves did not fall as much as expected in February, although Beijing continued to sell dollars to support its currency and stem capital outflows.
Foreign exchange reserves dropped $28.59bn to $3.2tn in February, according to central bank data released on Monday. Analysts were expecting a reading of $3.19tn.
The drop falls far short of the steep plunges of $99.5bn in January and $107.9bn in December – the biggest on record. Reserves are at their lowest level since May 2012.
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