China's foreign exchange reserves fell the most in nine months in October and by far more than expected to the lowest since March 2011, indicating further capital outflows despite recent signs the world's second-largest economy is stabilizing.
Reserves fell $45.7 billion last month to $3.121 trillion, the biggest monthly decline since January, compared with a near $19 billion fall in September, central bank data showed on Monday.
The October drop was the fourth in a row, and exceeded the previous three months combined, though analysts said a surging U.S. dollar may have accounted for much of the move.
Economists polled by Reuters had predicted a decline of around $26 billion to $3.14 trillion from $3.166 trillion at end-September, a five-year low.
The central bank is widely believed to have sold U.S. dollars to cushion the yuan currency's descent in October as it fell to six-year lows.