(i) the 2012 anti-corruption crack-down;
(ii) the 2014 unwind of short $/CNY carry trades;
(iii) “true” capital flight after the Aug. 11, 2015 step deval. The sheer size of the recent depreciation says to me that capital flight is likely back.
https://twitter.com/RobinBrooksIIF/status/1025496493250289665