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Seven Days: 9 December 2016

Renminbi pressure

Reserves drop

The largest drop in China's foreign-exchange reserves since January has focused attention on the world's second-largest economy. The $69.1bn (£54.8bn) drop to $3.051 trillion in November was a decline of 2.2 per cent from the previous month but smaller than January's 3 per cent drop. The move by the Chinese is likely to prevent the renminbi depreciating too aggressively against the dollar and some analysts believe this could lead to a tightening of capital controls. Some of the drop will have been because of the appreciation of the dollar, which lowers the value of China's reserves in other currencies.

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By Bradley Gerrard,
08 December 2016

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