China’s foreign exchange reserves increased $96.8bn in the third quarter to total $1,906bn, but a marked slowing of the growth of Beijing’s currency war chest is fuelling suggestions the tide of speculative capital that has flowed into the country has finally turned.

The reserves grew $21.4bn (€16bn, £12bn) in September – far below the foreign exchange inflow generated by a record $29bn trade surplus and $9.9bn in foreign direct investment.