Is the yuan done falling? Via Capital Economics:
China’s foreign exchange reserve figures for June suggest that, having eased markedly since the start of the year, capital outflow pressures remained muted last month. We think this shift could prove durable, with the renminbi performing better than expected in the coming years.
• The value of the reserves amounted to $3,056.8bn at the end of June, up $3bn from a month earlier (the Bloomberg median was $3,061bn, our forecast was $3,031bn).
