China September Reserves
7th October, 2020 10:03 am China’s September reserve numbers showed a modest decline to US$3.143trn from US$3.165trn in August. And nearly all of this can be accounted for by FX valuation adjustments. Given the large trade and current account surplus China is currently running though this still implies ongoing outflows of capital, with our rough calculations pointing to an annualised outflow of US$200bn.
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