China Reserves Slumped $320 Billion Last Year as Yuan Tumbled
- Holdings decreased $41.1 billion to $3.01 trillion in December
- Policy makers take steps to curb outflows as currency slides
China Reserves Slump as Yuan Falls
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China’s foreign currency holdings fell for a sixth month in December, bringing last year’s drop to $320 billion as the yuan posted its steepest annual slide in more than two decades.
Reserves decreased $41.1 billion to a fresh five-year low of $3.01 trillion, the People’s Bank of China said Saturday. That was in line with estimates in Bloomberg’s survey of economists.