Renminbi slides to five-year low as FX reserves fall

China's reserves fell $108 billion in December as the People's Bank of China continues to intervene in the market

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The People's Bank of China (PBoC) kicked off the year with a bang by setting the daily reference for the onshore renminbi (CNY) below 6.5 against the US dollar for the first time in more than four years on January 4.

In an expected move, the PBoC set the ‘fix' – the midpoint around which the onshore renminbi is allowed to trade – at 6.5032.

Meanwhile, the offshore renminbi (CNH), not subject to the central bank's constraints, opened at 6.613 against the US dollar – the weakest level in five

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