Forex Reserves: Reserves and Dollars

forex reserves: The 41.1-billion-USD drop was down from November's 69.1-billion-USD fall and marks the sixth straight month of falling forex reserves, according to Global Times China. Meanwhile, the country's gold reserves also dropped in December, falling by 1.9 billion US dollars. Foreign exchange reserves stood at about 3.01 trillion US dollars last month, down from about 3.05 trillion US dollars in November, the State Administration of Foreign Exchange SAFE said, citing figures from the central bank. The country's forex reserves fell by 319.8 billion US dollars in 2016, narrowing the drop compared with that in 2015. The central bank's effort to stabilize the Chinese yuan is the major reason for China's falling foreign exchange reserves in 2016, SAFE added. Forex reserves continued to drop in December as the People's Bank of China PBOC used them to balance the forex market and non-greenback currencies weakened against the US dollar, the forex watchdog said in one statement. (news.financializer.com). As reported in the news.