China’s foreign exchange reserves fell to $3.19 trillion in August, central bank data showed on Wednesday, in line with market expectations and the lowest level since December 2011.

Reserves fell by $15.89 billion in August, the biggest drop since May.

Economists polled by Reuters had predicted reserves would fall to $3.19 trillion from $3.20 trillion at the end of July.

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China’s reserves, the largest in the world, fell by a record $513 billion last year after Beijing devalued the yuan currency, sparking a flood of capital outflows that threatened to destabilize the world’s second-largest economy and alarmed global markets.

China’s gold reserves fell to $77.18 billion at the end of August, down from $78.89 billion at end-July, data published on the People’s Bank of China website showed.