• Northbound funds suffered net outflows of RMB16.9bn in the lasttwo trading days amid regulatory clampdowns • Implications for Chinese credit: Wary of a few highly leveraged Chinesefirms where liquidity stresses can significantly worsen on the equitysell-off • Implications for CNY: Not enough to derail our view for a consolidationaround 6.40-6.60 vs USD. However, increased […]

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