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China's choices narrowing as it burns through FX reserves to support yuan
As China's foreign exchange reserves threaten to tumble below the critical $3 trillion mark, the biggest fear for investors is not whether Beijing can continue to defend the yuan but whether it will set off a vicious cycle of more outflows and currency depreciation. Data this week is expected to show China's forex reserves precariously perched just above $3 trillion at end-December, the lowest level since February 2011, according to a Reuters poll. While the world's second-largest economy still has the largest stash of forex reserves by far, it has been churning through them rapidly since August 2015, when it stunned ... (full story)
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