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China forex reserves post first decline in 13 months in February

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China forex reserves post first decline in 13 months in February

China's foreign exchange reserves stood at $3.13 trillion in February, down 0.85% month over month or $27 billion lower from end of January — the first decline in 13 months, People's Bank of China data showed March 7.

The decrease in February was due to major non-U.S. dollar currencies falling against the U.S. dollar and asset price corrections, said an official from the State Administration of Foreign Exchange, or SAFE.

China's foreign exchange reserves, however, were expected to remain stable, the SAFE official added.

Cross-border capital flows and transactions were stable in February, with balanced supply and demand in the foreign exchange market, China Daily reported, citing a SAFE statement.

The country's gold reserves were unchanged at 59.24 million ounces, valued at $78.1 billion, China Daily said, citing central bank data.