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SUBSCRIBE to ELITE NWO AGENDA for Latest Updates - http://www.youtube.com/user/elitenwoagenda?sub_confirmation=1 CHINESE IN PANIC TO GET MONEY OUT OF CHINA RMB - Rush To Buy Offshore Property, Assets & USD Demand to buy dollars is quite strong today.” China’s yuan fell to its weakest in 8-1/2 years on Thursday after the U.S. Federal Reserve signaled a faster pace of rate hikes, raising concerns of more capital outflows at a time when Asia’s economic powerhouse shows signs of stabilizing. The Chinese currency drifted lower even as state-owned banks sold dollars and the authorities stepped up their defense. Borrowing rates for the yuan rose in both onshore and offshore markets, suggesting the authorities were trying to discourage speculative short-selling of the currency. The People’s Bank of China set the midpoint guiding rate at 6.9289 per dollar, just 261 pips weaker than the previous fixing. That was early relief for the market as traders had been expecting a much weaker fixing, given the move overnight in major currencies after the Fed raised rates. “Demand to buy dollars is quite strong today, but big Chinese banks are offering large amount of dollars around the 6.9340 area to avoid the yuan from falling too much,” said a trader at a Chinese bank in Shanghai. The global dollar index rose to 102.47 from the previous close of 101.76. China’s stock market was down 0.7% while the offshore yuan stabilized close to the onshore spot levels, largely because of the tightness in the money market. Onshore yuan yields have risen recently, driven by PBOC attempts to reduce leverage and off-balance sheet funding, market worries about capital, and speculation the authorities are keeping funding conditions tight in order to discourage speculative positions against the yuan. BREAKING Talked to XE and they now confirm that upstream providers are affirming this rate (7.48 RMB to USD currently). This is bad. An average of $50 billion has been steadily leaving the Chinese economy every month since June. The accelerating outflow of capital from China is likely to coincide with the yuan’s sharpest annual depreciation in over two decades, warned Goldman Sachs. According to Bloomberg, economists from the investment bank wrote Friday in a note that a net amount as high as $69.2 billion of money left the country in November. Steady departures of around $50 billion from the Chinese economy per month have been recorded since June, according to the note, while there has been a net outflow of capital via payments in yuan for 14 months in a row. According to China’s State Administration of Foreign Exchange, the equivalent of $33.6 billion left the country through yuan payments in November, reports China Chinese RMB "China RMB" Currency Yuan "China Yuan" Forex "Forex Trading Offshore Asset Assets USD Dollar "U.S. Dollar" Value DeValue Gold Silver "Sell Gold" "Gold Coins" Property "Interest Rate" Investor Investment Bank "Bank Account" Stocks "Stock Market" Savings "Savings Account" ROI Business World Asia Asian Money Cash Vault "Asset Storage" Auction "United States" USA 2017 2018 "elite nwo agenda" jim rogers marc faber singapore mark faber gerald celente jsnip4 cashless society ban cash india europe withdrawal compared with the $29 billion in dollar equivalent that had left in October via the same way. The country has reportedly been trying different measures to slow the outflow of capital by both legal and illegal means by heightening scrutiny over outbound transfers exceeding $5 million and external deals involving large amounts, reports Reuters. Earlier this month, there were also conflicting reports of reported tightening on ATM withdrawal caps via UnionPay, the only Mainland Chinese bank card network, in the casino enclave of Macau. Meanwhile, the offshore yuan pool has been falling in the past year as market players lose interest in the currency, wary the yuan will depreciate further in the coming year. Yuan deposits in Hong Kong fell 0.4% to 662.5 billion yuan ($96.22 billion) in October, more than 30% lower than the peak hit in December 2014. The Hong Kong Monetary Authority said yuan deposits declined noticeably by the end of the first three weeks in November.