Chinese Rest for Two Weeks in February, Reserves Fall Only 29 Billion

Chinese enjoyed two weeks of vacation following Chinese New Year, setting off fireworks in the street instead of in foreign currency markets.

Bloomberg: China's Foreign Reserves Slow Decline as Currency Stabilizes

The world’s largest currency hoard dropped by $28.6 billion to $3.2 trillion in February, the People’s Bank of China said in a statement Monday. That was the smallest decline since June and less than the $40.9 billion decrease expected by economists surveyed by Bloomberg, who had a median projection that reserves would fall to $3.19 trillion.