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The rapid pace of China's currency reserve depletion is 'simply unsustainable'
China’s massive foreign-exchange reserves shrank to the lowest levels since May 2012. The People’s Bank of China reported today that during January, reserves dropped by $99.5 billion (£68.6 billion) to $3.23 trillion, slightly more than the $3.2 trillion markets expected in their poll, Reuters said after the data was released. And according to Rajiv Biswas, Asia-Pacific chief economist for IHS Global Insight, "the mathematics around this rapid pace of depletion of FX reserves in recent months is simply unsustainable for any length of time." Biswas pointed out in an emailed statement to Business Insider that: "In ... (full story)