The Chinese government has quietly been depleting their reserves of foreign currency in an attempt to prop up their stock markets and overall economy.

Government data released Monday showed the government used just under $100 billion in the last month, a record amount.  China still has $3.56 trillion in foreign currency at their disposal.

“[The outflows of capital] are unprecedented and have no comparison to any period in the past,” Nikolaos Panigirtzoglou, global market strategist at J.P. Morgan in London, told the Wall Street Journal. “There could potentially be even more over the coming year, as the market tries to gauge the extent of the devaluation of the Chinese currency.”

Many analysts say the use of the currency was inevitable after the central bank devalued the country’s currency twice in two days this month.

“Frequent intervention will burn foreign reserves rapidly and tighten the onshore market liquidity,” said Zhou Hao, senior economist at Commerzbank in Singapore, to Reuters.

The news of the government’s spending of foreign currency comes as the stock market took another significant fall Monday.  The Shanghai market closed down 2.5 percent in what traders there termed a “volatile day.”

The drop comes as China’s Central Bank Governor Zhou Xiaochuan told a meeting of economic leaders of the world’s top 20 economies that the Chinese market correction was almost over.  Chinese equity markets have fallen 40 percent since June.