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Analysts expressed puzzlement at the change, since evidence of capital outflow is clear from other official data series. Those include central-bank figures on foreign exchange reserves, which recorded a drop of $99bn in January and $107bn in December, the largest drops on record. Quarterly balance-of-payments data likewise show plain evidence of financial outflows.
“It's possible the system-wide forex purchase data are just late this year because of Chinese new year,” said Jianguang Shen, chief economist at Mizuho Securities Asia. “It’s really not obvious why they would want to conceal this.”
...Yet at a time when bearish sentiment towards China and scepticism over official data are ubiquitous in financial markets, the omission is sure to spark conspiracy theories.
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