Accelerating Bank Run aka. Reverse QE

USD/Yuan (red) with S&P (black)
Whenever global markets "stabilize", China devalues the currency...

"The PBOC is testing how far it can let the yuan depreciate without setting off a sharp selloff like the one that followed the yuan's surprise devaluation in August, people close to the central bank have said."

ZH: Feb. 19, 2016
China Stops Reporting Capital Outflows

In an act of desperation, the Chinese government no longer reports on how much capital is fleeing the country. They didn't have to stop reporting, they could have just "modified" the data similar to the U.S. unemployment rate which no longer includes the long-term unemployed. According to the U.S. government, once your unemployment benefits end you become a "jobless consumer", the lucky person who benefits from every trade agreement.  

Nevertheless, as previously discussed, the rate of change in the Yen/Yuan exchange rate which has been plummeting and is not "fixed" by the government on a daily basis, approximates reserves drawdown.

This is Yen/Yuan (black) with FX Reserves (red). The boxed figures indicate the change in reserves, per month. As we see, right scale, % reserves drawdown has been roughly double the rate of exchange depreciation. And as exchange depreciation accelerates, so does drawdown. 

Reverse QE Visualized:
China is now taking $100+ billion of liquidity out of global markets every month...