Cash is leaving China again, pressuring yuan [Globe and Mail, The (Toronto, Canada)]
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Source: Globe and Mail, The
shelving expectations for any immediate recovery in their home markets and fleeing to the closest better-yielding assets. The yuan has dropped to seven-month lows this week, alongside a reversal in equity investment flows into China. Analysts said Hong Kong's stockpile of yuan deposits has also grown as mainland investors use their limited offshore investment channels to seek higher yields and companies prepare to pay annual dividends, adding to the pressure on the currency. “Sentiment on China soured over the past month as the market has rallied ahead of improvement in macro data which continues to disappoint,” said Gary Tan, a Singapore-based portfolio manager at Allspring Global Investments. Tan, whose funds are underweight on Chinese stocks, said sentiment had come a long way from a time when mainland markets were considered “uninvestible”, however, and he expected that would improve further. But investor patience has worn thin after months of waiting for authorities to
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