China’s foreign exchange reserves dropped by $28bn in May, falling to their lowest level since the end of December 2011.

今年5月，中国外汇储备减少280亿美元，达到自2011年12月底以来最低水平。

Overall reserves dropped to $3.191tn in May, according to new data from the People’s Bank of China, from $3.219tn in April. Analysts had expected a reading of $3.2tn.

根据中国央行(PBoC)的最新数据，今年5月，中国外汇储备余额从4月的3.219万亿美元降至3.191万亿美元。分析师原本预测为3.2万亿美元。

Concerns over China’s war chest have emerged over the past year as Beijing has sold dollars to support its falling currency and stem capital outflows.

过去一年，对于中国外汇储备的担忧出现。中国出售了美元以支持日益下跌的人民币，并限制资本外流。

Policymakers have been forced to dip into reserves following the central bank’s announcement of a new exchange-rate fixing regime in August, which sent tremors across global markets at the prospect of a new round of global currency wars.

在中国央行去年8月宣布新的汇率定价机制（此举震动全球市场，令人担心爆发新一轮全球货币战争）后，政策制定者被迫动用外汇储备。

However, when measured in real terms that control for valuation, forex reserves actually rose by $9bn, the first time they have inched up in seven months.

然而，根据实际汇率计算，中国的外汇储备实际增加90亿美元，这是7个月来首次出现增长。

The shift in reserves comes after capital flows have accelerated in recent months and the renminbi has weakened against the rising dollar.

在外汇储备止跌回升之前，最近几个月资金流动加快，人民币兑不断升值的美元汇率下跌。

However, overall outflows have stabilised since last summer, while further weakening of renminbi is set to remain muted, said economists.

然而，经济学家们表示，自去年夏季以来，资金外流总体已企稳，而人民币进一步贬值压力将保持较低。

“Depreciation expectations remain much more manageable than in late-2015 and early-2016, when China was witnessing outflows of over $120bn per month”, said Julian Evans-Pritchard at Capital Economics.

凯投宏观(Capital Economics)的朱利安•埃文斯-普里查德(Julian Evans-Pritchard)表示：“贬值预期仍比2015年末和2016年初可控得多，当时中国每月有超过1200亿美元资金流出”。