1. The unprecedented declines have raised worries that the reserves could quickly evaporate if capital outflows continue and the central bank continues to defend the exchange rate. Most analysts believe the central bank will be forced to curtail its intervention in order to prevent further depletion of its reserves.
4. Even if the tapering is smooth, the Fed could spend much of the year grappling with the prospect of raising its interest-rate target as early as 2015.