China forex reserves resume falls

Monday, 10 September 2018

Bad news for Aussie realty comes form Capital Economics:

The People’s Bank is keeping its FX intervention off its balance sheet

• The People’s Bank still appears reluctant to deploy its FX reserves in order to support the renminbi. We suspect that it is leaning on state-owned financial institutions to sell foreign assets in its place.

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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.