Our preferred gauge of FX flow (based on SAFE data) shows that FX outflows roseto US$69bn in November (from US$40bn in October). Separately, data on “PBOC’sFX position” released two days earlier suggests FX sales by the central bank at$56bn in November (while headline FX reserves dropped by a smaller amount of$34bn, after adjusting for our estimate of the currency valuation effect).
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