China burns another hundred billion on yuan

Monday, 8 February 2016

The PBOC announced its forex reserve position yesterday and it came in roughly as expected with another big fall for December 0f -$99.5 billion to $3.23 trillion continuing the trend of the past six months from the WSJ:

It’s not a number that is likely to either spook or support markets. Heaven knows what it will be in January when the outflows really took off.

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.