Via MNI comes a piece from People's Daily. Its a reasonable recap if you have been on holiday and curious about the yuan devaluation

  • Expectations of the yuan's depreciation and capital outflows have been behind the drop in China's foreign exchange reserves

People's Daily cites researcher Li Yuanfang, from the Chinese Academy of Social Sciences

Also, from Li Daokui, director of the Center for China in the World Economy at the School of Economics and Management of Tsinghua University

  • To avoid big declines in FX reserves, China's capital accounts need careful management
  • FX reserves in 2016 must exceed $3 trillion, on condition FX reserves decline less than $500 billion annually or expectations of yuan depreciation will intensify


Meanwhile, Chinese stocks are stabilizing (albeit lower on the day):

But, try not to blink :-D