Five Things Everyone Will Be Talking About Today

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Markets are in turmoil. Here's what people are talking about today.

China’s stock exchanges closed for the day at 9:59 a.m. local time after the CSI 300 Index fell more than 7 percent. The selloff was sparked after the central bank cuts its yuan reference rate by the most since August. China's foreign reserves dropped by a record $108 billion in December as its defense of the yuan becomes more costly.