Goldman Sachs warns over China’s capital and forex outflows - BBG

Goldman Sachs economists led by Hong Kong-based MK Tang warned over rising capital and forex outflows from China, as the yuan heads for its biggest annual decline in more than 20 years, in its latest note, Bloomberg reports.

Key Quotes:

“A net $69.2 billion exited the nation in November, compared with a monthly pace of around $50 billion since June”

“The monetary authority’s yuan positions -- which reflect the amount of foreign currency, held on its balance sheet -- slumped by 383 billion yuan ($55 billion) in November, PBOC data showed”

“A total of $1.1 trillion of foreign currency has left China since August 2015, when China devalued the yuan”