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China reserves set for record drop

Feb. 05, 2016 2:45 PM ETFXI, PGJ, CHN, GCH, JFC, CYB, GXC, TDF, FXP, CNY, XPP, YAO, YINN, YANG, YXI, MCHI, FCA, FXCH, CXSE, CNBy: Stephen Alpher, SA News Editor20 Comments
  • Already at a three-year low, China's foreign-exchange reserves fell by $118B to $3.2T in January, according to economists' estimates. That would exceed the current record $108B whoosh in December. For all 2015, reserves fell more than $500B - the first annual decrease in nearly a generation.
  • The PBOC is tasked with taking the other side of a weakening yuan and massive capital outflows. “It’s an astounding reduction in their capital account position," says a fund manager. "The economy itself cannot turn this around."
  • The official number from the PBOC is due on Sunday.
  • Source: Bloomberg
  • ETFs: FXI, YINN, GXC, PGJ, FXP, CYB, YANG, CNY, MCHI, CHN, TDF, XPP, YAO, YXI, CN, GCH, FCA, FXCH, JFC, CXSE

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