China forex reserves fall by more than expected, to below US$3t

Beijing

CHINA'S foreign exchange reserves have fallen below US$3 trillion for the first time in six years, the central bank announced on Tuesday, crossing a symbolic threshold as authorities seek to stem capital flight out of the country.

Slowing growth in the world's second-largest economy and a weakening yuan have in recent months led investors to move huge sums offshore in search of better returns.