China – insufficient fundsReport Date: 1st April, 2016
The issue of Chinese capital flight might have fallen down the list of global risks, but this respite will be temporary. Nothing has been done to address China’s structural problems of excessive leverage and of debt deflation in the corporate sector. These fundamental fissures will continue to pressure the currency. Reserves will continue to drain. We remain short the renminbi versus the CFETS basket.
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