Capital outflows prompt drop in China's reserves

Holdings down $110 billion in Q1

The Great Wall of China

The increasing reluctance of China's exporters to exchange foreign earnings in the renminbi, coupled with the People's Bank of China's (PBoC's) determination to keep the currency from dropping in value, are placing downward pressure on the country's FX reserves, official figures show.

China's FX reserves – the world's largest – fell by $110 billion to $3.73 trillion in the first three months of the year, according to the State Administration of Foreign Exchange (SAFE), the country's regulator.

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