Good morning. The People’s Bank of China stepped up its defence of the Renminbi yesterday, after the Chinese currency slid to its lowest level since 2023. The PBoC said it would sell Rmb60bn ($8.2bn) of bills in Hong Kong in January, its largest sale since auctions began there in 2018. Chinese authorities have pledged to keep the currency stable. But with China’s struggles, and the US’s strong economy, that may take serious firepower. What is China prepared to do? Email us: robert.armstrong@ft.com and aiden.reiter@ft.com.
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