CHINA’S foreign exchange reserves fell for a fifth straight month in November and by more than expected to the lowest since March 2011, as authorities moved to shore up the sliding yuan currency in the face of a relentlessly rising U.S. dollar.

    Reserves fell by US$69.06 billion last month to US$3.052 trillion, central bank data showed yesterday, following a drop of US$45.7 billion in October.

    Economists had expected reserves to drop US$30 billion to US$3.091 trillion, from US$3.121 trillion at the end of October.

    The central bank is widely believed to have sold U.S. dollars to support the yuan currency as it sunk to more than 8-1/2 year lows in November.

    China has announced a string of measures in recent weeks to tighten controls on money moving out of the country, adding to market speculation that potentially destabilizing capital outflows are on the rise.

    The yuan’s more than 5 percent slide so far this year has sparked a flurry of bets that the currency will weaken further, leaving traders wondering how long China can withstand a prolonged drain on reserves if the U.S. dollar continues to firm.

    Adding to pressure on the currency, U.S. President-elect Donald Trump has vowed to label China a currency manipulator on his first day in office Jan. 20 and has threatened to impose huge tariffs on imports of Chinese goods. (SD-Agencies)