China forex reserves end-Sept USD 3.1085trln vs 3.1trln exp

Chinese reserves data just out 9 Oct

• end-Sept gold reserves 59.24mln troy ounces at USD 76.005bln

8th straight gain for Chinese FX reserves, the longest run since mid-2014 when they peaked around USD 4trln          

Curbs on capital outflow have reduced the need of PBOC intervention while better economic data has restored a little more faith back in the yuan.  

Economists/analysts suggest that if the trend continues then the PBOC will be inclined to relax those capital controls a little further.

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