China's forex reserves fall to $3.2 trillion

BEIJING - China's foreign exchange reserves decreased by $28.57 billion to $3.2 trillion in February, the lowest since December 2011, central bank data showed on Monday.

The decline was smaller than a drop of $99.5 billion in January, according to data published by the People's Bank of China on its website.

China's foreign exchange reserves have fallen four months in a row as the central bank dumps dollars to ease depreciation pressure on the yuan and prevent an increase in capital outflows.

"There is no basis for persistent yuan depreciation," central bank governor Zhou Xiaochuan said in late February, adding the decline of China's foreign reserves is only a period of overshooting.

The country's gold reserves stood at $71.01 billion at the end of February, up from January's $63.57 billion.

China's International Monetary Fund (IMF) reserve position was at $10.73 billion, up from $3.76 billion the previous month. It held $10.28 billion of IMF Special Drawing Rights at the end of last month, compared with $10.27 billion at the end of January.