China’s huge stockpile of foreign exchange reserves showed the first quarterly decline in the fourth quarter of last year in more than a decade, due to a narrowing trade surplus and an outflow of speculative funds.

The foreign exchange reserves, the world’s largest, fell 20.6 billion U.S. dollars in the last three months to 3.18 trillion, data from the People’s Bank of China showed Friday.

Foreign exchange reserves rose 4.2 billion U.S. dollars to a record of 3.2 trillion in the third quarterly, a much slower pace from a 152.8 billion rise in the second quarter.