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Optional. Usually true, but if set to a false value then the stream will not
be C<close>d when an EOF condition occurs on read. This is normally not useful
as at that point the underlying stream filehandle is no longer useable, but it
may be useful for reading regular files, or interacting with TTY devices.

=head2 encoding => STRING

If supplied, sets the name of encoding of the underlying stream. If an
encoding is set, then the C<write> method will expect to receive Unicode
strings and encodes them into bytes, and incoming bytes will be decoded into
Unicode strings for the C<on_read> event.

If an encoding is not supplied then C<write> and C<on_read> will work in byte
strings.

I<IMPORTANT NOTE:> in order to handle reads of UTF-8 content or other
multibyte encodings, the code implementing the C<on_read> event uses a feature
of L<Encode>; the C<STOP_AT_PARTIAL> flag. While this flag has existed for a
while and is used by the C<:encoding> PerlIO layer itself for similar
purposes, the flag is not officially documented by the C<Encode> module. In