BEIJING--China's foreign exchange reserves fell at a faster pace in October, pointing to accelerated capital outflows, according to data from the People's Bank of China on Monday.
Reserves fell by $45.73 billion from the previous month to $3.121 trillion, following a drop of $18.79 billion in September. Economists polled by The Wall Street Journal expected a $40 billion decrease in October.
End-October reserves were at their lowest point since March 2011, when they totaled $3.045 trillion, according to central bank data. This also marked the biggest monthly fall since January 2016.
The fall suggests outflow pressure may have increased in October despite government efforts to tighten control over capital flows and stabilize the yuan rate.
Should the U.S. raise interest rates later this year, China's capital-outflow pressure could intensify further, economists say.
(END) Dow Jones Newswires
November 07, 2016 04:37 ET (09:37 GMT)
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