Chinese FX Reserves Fall Below 8pc of M2

Notice the amount of yuan circulating per "dollar" of reserves starts going vertical in November 2021, when the Fed announced the taper.

Why does China allow massive backlog of exports out, but not what also must be a massive backlog of imports?

China exports jump on easing virus rules but imports slump

In June, exports rose more than expected at 17.9 per cent on-year, up from 16.9 per cent the month before, customs data showed today.

But imports rose just one per cent, far below the four per cent forecast in a Bloomberg survey of analysts.

If reserves are a problem, the easiest way to balance it out in these conditions is with currency depreciation.