China’s forex reserves suffer third-largest monthly decline

China’s foreign exchange reserves posted their third-largest monthly decline on record last month, the central bank reported yesterday.

Forex reserves dropped by $87 billion in November, near the record $94 billion decline in August.

The country's reserves stand at $3.4 trillion after falling for nine of 11 months this year.

Falling interest rates in China and expectations of an imminent rate hike by the U.S. Federal Reserve have fueled declines, as well as investors selling assets to protect themselves against depreciation.

Read more from the Financial Times.