China’s foreign exchange reserves lost $43.3 billion in September as the central bank intervened to stabilize the yuan and calm sentiment after a surprise devaluation of its currency rocked global markets.

China houses the world’s largest reserves and dropped to $3.514 trillion last month after a record slide of $93.9 billion in August. Questions have been raised about how sustainable China’s efforts to support the yuan are after the devaluation of the yuan and the fall of the reserves.

Analysts expect the reserves to keep falling.

“The decline in China’s foreign reserves, while less than market expected, still shows that China’s central bank continued the market intervention in the past month,” said Singapore-based Zhou Hao, senior economist in Asia at Commerzbank.

“As PBoC [People’s Bank of China] also intervened into the forward market in the past month, the foreign reserves will likely plunge again when these forward contracts mature,” he said.

The devaluation of the yuan has leaders worrying about a global currency war as well as it raised doubts on Beijing’s ability to manage a transitioning economy. China is shifting its economy to being led by domestic demand rather than an investment and exports led model.

According to Bloomberg, the value of yuan rose 0.22% Wednesday to 6.5340 a dollar, the strongest level since mid-August.