US Dollars Are Flooding Into China At A Record Pace

The capital outflows from China that prompted the country to engage in a shock devaluation are a distant memory, at least according to Goldman’s preferred gauge of FX flows. Looking at the latest round of SAFE data, Goldman’s Chinese economists find net inflows of around US$35BN in January, vs US$93BN in December last year, cumulatively the highest on record. Goods trade related FX inflows remained strong, while foreign buying of onshore bonds rose further in January (even though there were modest outflows through the stock connect program). Key highlights: So what did all this dollar flow go to? Looking at … (full story)

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