China’s foreign exchange reserves slipped to a two-year low by the end of July, the People’s Bank of China, the central bank, said on Aug 7.

The nation’s reserves dropped to $3.65 trillion last month, down by $42.5 billion from the level in June, the sharpest monthly decline since March, according to PBOC data.

July’s decrease marks the third consecutive month that the forex reserves have fallen. It has dropped by $343 billion from a historic high of $3.99 trillion in June 2014. Despite the fall, China still has the largest foreign exchange reserves in the world.

Earlier data showed that in the second quarter, the country’s foreign exchange reserves fell by $36.2 billion, the fourth consecutive quarter of decline.