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

Goldman Sachs using its preferred measure, alongside official data from China, of FX capital flows:

• Capital outflows
  from China rose sharply to $75 billion in September (from $45bn in August)
• biggest monthly amount since 2016
• underscoring intensifying
  depreciation pressure on the yuan
• driven by current account outflows as
  foreign investors’ net selling of equities and bonds slowed
• $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

Goldman Sachs says its sticking to its 7.3 USD/CNY year-end forecast despite the fierce yuan deprecation pressure

• pointing to PBOC efforts to limit the Chinese currency’s
  decline
• “Policymakers appear to put more weight on confidence and
  stability in FX management,”

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Goldman Sachs info via Reuters.

Weekly USD/CNY chart: