"Massive Bailout Needed For China"
Interviewed in Hong Kong last week, she estimated as much as 22 percent of all China’s outstanding credit may be nonperforming by the end of this year, compared with an official bad-loan number for banks in March of 1.75 percent.
"Good news, our loan loss reserves are only off by a factor of 12"
WSJ: May 23,2016
In January, the PBOC Ditched Market-Based Yuan Control
"On Jan. 4, the central bank behind closed doors ditched the market-based mechanism, according to people close to the PBOC. The central bank hasn’t announced the reversal, but officials have essentially returned to the old way of adjusting the yuan’s daily value higher or lower based on whatever suits Beijing best."
China has as much control over their currency as Japan has over the Yen. ZERO...
China's largest ever FX Reserves outflows were in December, the month of the last (first) rate hike. The second largest outflows were in August preceding the Flash Crash...