China forex reserves plunge to lowest level since February 2013

Beijing

CHINA's foreign exchange reserves, the world's largest, fell by US$87.2 billion in November to US$3.44 trillion, central bank data showed on Monday, the lowest level since February 2013 and the third largest monthly drop on record.

Analysts blamed the fall partly on the dollar's rally during November, which reduced the value of non-dollar reserves, and partly on China's central bank selling dollars to support the yuan.

The onshore yuan is down over 3 per cent so far this year, and remains under pressure as investors expect US interest rates…