China's forex reserves hit 5-month low in April

China's foreign exchange reserves fell $17.97 billion in April to $3.125 trillion - the lowest since November 2017, the central bank data showed yesterday. The reserves had risen $8.34 billion in March. 

Reuters report cites Andy Ji, currency strategist at Commonwealth Bank of Australia in Singapore, as saying that the drop reflects almost exclusively the valuation effect of a firmer US dollar in April.