From Investing in Chinese Stocks:
Chinese forex reserves fell 2.2 percent in November 2016. It was the largest drop since the 3.0 percent one-month slide in January 2016. November and December 2015 were also larger, as was August 2015. Before that, you have to go back to September 2014 and May 2012 to find similarly large declines. The year-on-year decline slowed from 11.5 percent in October, to 11.2 percent in November, due to the favorable yoy comparison. The yoy decline peaked (for now) in February 2016 at 15.8 percent.
The fifth consecutive monthly fall points to growing difficulty for policymakers. Since a sharp renminbi depreciation in August 2015, Beijing has sought to combat more severe softening against the dollar by selling the US currency from the central bank’s forex reserves.
