BEIJING--China's foreign-exchange reserves shrank for the sixth straight month in December but at a slower pace, according to data from the People's Bank of China released Saturday.
The reserves fell by $41.08 billion from the previous month to $3.011 trillion, after a drop of $69.06 billion in November. Economists polled by The Wall Street Journal had expected a $40 billion decrease.
End-December reserves were at their lowest level since March 2011, according to central-bank data.
The Federal Reserve's decision to raise U.S. interest rates in December and flag a faster pace of increases in 2017 likely contributed to the decline, according to economists.
The fall in China's reserves comes as Beijing continues its efforts to tighten control over capital movements and stabilize the yuan's exchange rate amid continued capital-outflow pressure in recent months.
(END) Dow Jones Newswires
January 06, 2017 22:31 ET (03:31 GMT)
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