China Reserves Post First Yearly Drop Since 1992 Amid Yuan Slide
- Currency hoard plunged $513 billion to $3.33 trillion in 2015
- 'A major turning point in the history of Chinese development'
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China’s foreign reserves shrank last year for the first time since 1992, ending a 22-year ascent that began under former top leader Deng Xiaoping and accelerated with presidents Jiang Zemin and Hu Jintao.
The currency hoard plunged by $513 billion in 2015 to $3.33 trillion as of Dec. 31, the People’s Bank of China said Thursday. It was dragged down down by factors including central bank intervention to prop up the yuan after an August devaluation roiled global markets and capital flight from the world’s second-largest economy, analysts said.