Friday, October 7, 2016

The Golden Week. Is Over

"The yuan hit its weakest level against the U.S. dollar since January in offshore trading in Hong Kong on Friday after data showed a sharper-than-expected decline in Chinese foreign-exchange reserves...China’s currency reserves fell by $18.79 billion in September to $3.17 trillion, according to figures from the People’s Bank of China. The drop was larger than the $11 billion fall economists polled by The Wall Street Journal had expected. It followed a drop of $15.89 billion in August and was the largest monthly decline since May.

The fall in China’s foreign-currency reserves suggests capital outflows from the country may have increased last month despite government efforts to stem such flows..."

Offshore Yuan with British Pound