China Forex Market: Reserves fall in February, first drop in 13 months
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Now for a look at China's foreign exchange reserves. Data from China's central bank on Wednesday showed that the country's foreign exchange reserves fell to 3.134 trillion US dollars in February. That was the first decline in 13 months. The reserves fell 27 billion US dollars month by month, compared with an increase of 21.5 billion US dollars in January. The drop came as the yuan weakened against the dollar amid wild swings in global financial markets. China's regulator says the decline was thanks to adjustments in non-dollar currencies and asset prices. However, the regulator also said that the size of China's foreign exchange reserves would remain basically stable.