BEIJING, March 6 (People’s Daily) –Yi Gang , China’s Central Bank Deputy Governor, said on Sunday that China’s significant foreign reserves reduction largely went to its citizens and companies.

“The official foreign reserves released by the Central Bank were mainly bought back by private companies, banks and families,” Yi said.

“Meanwhile, their outbound payments in foreign currencies surpassed inbound payments by 240 billion U.S. dollars last year. Major outbound payments include tourism, education and consumption expenditures,” Yi added.

In addition, he explained that China’s foreign reserves reduction last year could also be attributed to the U.S. dollar’s appreciation against other currencies.

China’s foreign reserves declined by about half a trillion U.S. dollars in 2015.