BEIJING--China's foreign-exchange hoard fell for the second straight month in February, mainly due to valuation effects, according to official data released Sunday.
The People's Bank of China said the nation's foreign-exchange reserves dropped $5.68 billion to $3.205 trillion at the end of February.
The result was smaller than the $10 billion fall expected by economists polled by The Wall Street Journal.
China's foreign-exchange regulator said Sunday that the small fall of foreign-exchange reserves was due to valuation effects as the dollar strengthened and there was a sharp selloff of developed markets' government bonds last month.
The State Administration of Foreign Exchange said China's economic growth could help stabilize its foreign-exchange reserves while there are still uncertainties in global pandemic control and economic recovery.
(END) Dow Jones Newswires
03-07-21 0028ET
