China's Foreign Currency Reserves Fall Below $3 Trillion

China's foreign currency reserves fell below $3 trillion for the first time in more than five years, officials said on Tuesday, as capital outflows accelerated due to the reduced value of the yuan.

Reserves were tabbed at $2.998 trillion in January, down $12.3 billion from the previous month, and building on the $41 billion decline recorded between November and December, the People's Bank of China said. Over the past two years, the government has drained around $833 billion in currency reserves, mostly in U.S. dollars, amid one of the biggest sustained declines for the yuan on global markets since 1994.