Goldman Sachs says FX outflows from China in September hit US$75 bln, biggest since 2016

<p>Goldman Sachs using its preferred measure, alongside official data from China, of FX capital flows:</p><ul><li>Capital outflows
from China rose sharply to $75 billion in September (from $45bn in August)</li><li>biggest monthly amount since 2016</li><li>underscoring intensifying
depreciation pressure on the yuan</li><li>driven by current account outflows as
foreign investors' net selling of equities and bonds slowed</li><li>$35 billion in net outflows via onshore outright
spot transactions last month, as well as $45 billion of net yuan
payment from onshore to offshore</li></ul><p>Goldman Sachs says its sticking to its 7.3 USD/CNY year-end forecast despite the fierce yuan deprecation pressure</p><ul><li>pointing to PBOC efforts to limit the Chinese currency's
decline</li><li>
"Policymakers appear to put more weight on confidence and
stability in FX management," </li></ul><p>–</p><p>Goldman Sachs info via Reuters. </p><p>Weekly USD/CNY chart:</p>

This article was written by Eamonn Sheridan at www.forexlive.com.