Yuan Headed For Biggest Annual Decline In More Than Two Decades
An average of $50B has flown out of China every month since June, and that exodus of cash is about to coincide with the yuan’s largest annual decline in more than 20 years.
That’s according to Goldman Sachs, whose analysts say up to $69.2B left the country in November, Fortune reports. Goldman estimates $1.1 trillion in foreign currency has left the Chinese economy since the yuan was devalued in August 2015. Chinese officials have been trying to slow the river of cash leaving the country, but it seems they aren’t being terribly successful.