Gold, Bitcoin Soar After China Liquidates Most Reserves On Record To Defend Currency

Thursday, January 7, 2016
By Paul Martin

by Tyler Durden
ZeroHedge.com
01/07/2016

As the PBOC revealed overnight, China’s foreign-exchange reserves plunged much more than forecast in December, capping the first-ever annual decline (of $513 billion) as authorities sought to prop up a weakening yuan. More importantly, the $108 billion decline from $3.438 trillion to $3.330 trillion – far greater than the $20 billion estimated – was the largest on record, and shows that while on the surface the Yuan was stable, behind the scenes the PBOC was furiously dumping securities to prevent an all out currency rout as outflows hit a record.

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