China's FX reserves plunge to more than three-year low

Latest PBoC figures show a drop of $99.5 billion in January to $3.23 trillion

Sinking feeling: the drop means China's reserves have shrunk by 19% from their peak in June 2014

China's foreign exchange reserves fell to their lowest level in more than three years in January, raising doubts about the sustainability of Beijing's action to defend the yuan and prevent capital outflows.

The news came amid mounting concerns that the rate of decline will make it difficult for China to support its currency by selling dollars and buying the renminbi, as such steps will drain liquidity from the slowing economy.

Figures released by the People's Bank of China (PBoC) show FX

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