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Analysis-Globalised yuan complicates Beijing’s bid to stem capital flight

This month’s dive in China’s currency has revived memories of past routs but market participants say increased foreign holdings of yuan assets mean authorities are much less likely to curb the selling than they were in previous years. The yuan hit an 18-month low on Friday and has slid more than 4.5% on the dollar in April, setting it on course for its worst month since currency market reforms of 1994. However, unlike 2018-19, when the yuan fell through the U.S.-China trade war, or 2015-16, when a domestic stampede to offshore assets accelerated a decline, investors and analysts say that foreign selling is now the dominant driver, presenting new downside risks.

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