Sentiment Change Favors Accelerated Outflows

The most important news item of the day.

China regulator denies reports of new FX purchase restrictions
The Shanghai branch of China's foreign exchange regulator on Tuesday said there have been no changes to rules on individuals purchasing foreign exchange in the city.

The comment was in response to unspecified reports of new foreign exchange purchase restrictions in Shanghai.
PBoC: 外汇局上海市分局:个人购汇政策没有任何变化

Wallst.cn: 外管局澄清:“叫停个人投资购汇”相关报道不实

If a rumor about a ban on FX trading is spreading, it means many Chinese are thinking of getting money out and worried about the door closing.

Sentiment has changed.

Bloomberg: Yuan Pressures Intensify as Brexit Deals Blow to PBOC Policy

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