Implode-o-Meter News - As Beijing Battles to Keep Yuan at Home, Chinese Prepare to Sell

As Beijing struggles to slow the outflow of cash and an erosion in its stockpile of foreign currency, the clock is about to restart on individuals' annual foreign-exchange quotas, which is expected to set off a fresh gush of outflows. The foreign-exchange pile fell by almost $100 billion in January this year, after the quota reset.
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The pressure to get out of the yuan hasn't abated. Data from the People's Bank of China on Wednesday showed that China's currency holdings shrank by $69 billion in November to $3.052 trillion, the fifth straight month of declines and the worst month since January. The reserves are now at the lowest level since March 2011.

"Everybody is predicting more depreciation to come, so I'd better hurry," said Ms. Shen, who plans to use the dollars for overseas trips.
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Harrison Hu, China economist at Royal Bank of Scotland, predicted that a tightening of the reins on households' foreign-currency purchases is likely in the coming months. "Banks, under â€˜window guidance,' may apply implicit quantity controls," Mr. Hu said, referring to possible instructions from regulators.
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The Institute of International Finance, a Washington-based group of global financial institutions, estimates net capital outflows of $530 billion from China in the first 10 months of the year. But some analysts say the amount could be even greater as more Chinese companies and individuals send or carry yuan funds offshore directly without converting them into dollars first.

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As Beijing Battles to Keep Yuan at Home, Chinese Prepare to Sell