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PBOC Seen Quitting Yuan Support by End-2015 as Reserves Shrink
China’s central bank will have to step back from supporting the yuan by early December and allow the currency to decline, given the current strain on foreign-exchange reserves, according to Rabobank Group. The nation has to keep at least $2.7 trillion in hand to avoid any potential shortfalls, considering it needs $1 trillion to pay for six months of goods imports and $1.7 trillion to service external debt, Michael Every, head of financial markets research at Rabobank in Hong Kong, wrote in a note Tuesday. The stockpile will shrink by $40 billion a month for the rest of 2015, partly due to efforts to prop up the ... (full story)
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