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.
早上好。中國人民銀行昨日加大了對人民幣的防御力度，此前人民幣跌至2023年以來的最低水平。中國人民銀行表示，將于1月在香港出售600億元人民幣（合82億美元）的票據，這是自2018年開始拍賣以來的最大規模。中國當局已承諾保持人民幣穩定。但由于中國的困難和美國的強勁經濟，這可能需要強大的火力。中國準備怎么做？請發郵件給我們：robert.armstrong@ft.com 和 aiden.reiter@ft.com。
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