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China's forex reserves decline by US$99.5b in January to US$3.23t

Policymakers fighting to hold up weakening yuan have been burning through stockpile

FIRM ACTION: The PBOC has stepped up efforts to stem the exodus, warning speculators that they will be punished. It intervened in the Hong Kong market last month after the yuan's offshore exchange rate sank to a record 2.9 per cent discount to the onshore rate.


CHINA'S foreign-exchange reserves shrank to the smallest since 2012, indicating that the central bank sold US dollars as the yuan's drop to a five-year low exacerbated depreciation pressures.

The world's largest currency hoard declined by US$99.5 billion in January to US$3....

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