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China's FX reserve tumbled by $87 billion in November, despite positive current account of $54.1 billion, bringing back fears of outflow return, which massacred China's FX reserve in August, when FX reserve fell by record 494 billion. November's drop is third largest on record.
China's massive foreign exchange reserve, $3.43 trillion even after November's decline is the back bone of financial stability so any dent to that is likely to cause nervousness around the world. More so, when non-performing loans are piling up in banks and corporates have large FX exposure.
After yesterday's big decline, off-shore Yuan is once again down today by 0.3%, trading at 6.493 per Dollar, weakest level for Yuan since August turmoil.
Outflows has somewhat returned with US FED on its way to hike rates. Yuan's inclusion in IMF's SDR basket seems to have no immediate positive impact on Yuan.
However, partially the decline (as much as 40% or $35 billion) might have caused by revaluation of reserve and weaker currencies other than Dollar, especially Euro might have weighed in.
