Forex reserves drop for first time since 2003

China's foreign exchange reserves have declined for the first time in five years after peaking at $1.9 trillion at the end of September, a State Administration of Foreign Exchange official has said.

Cai Qiusheng, head of the foreign debts section under the capital-account management department, made the remarks at an annual meeting of China's import and export enterprises held over the weekend, Shanghai Securities Journal reported yesterday.

But Cai did not say in which month, October or November, the forex reserves fell below the $1.9-trillion level, nor did he disclose the current size of the forex reserves.