Bloomberg reports Goldman Sachs has warnedthat China’s capital outflows are accelerating and the People’s Bank of China is selling larger amounts of foreign exchange, as the yuan heads for its biggest annual drop in more than 20 years. A net $69.2 billion left November, compared with a monthly pace of around $50 billion since June. Money has been leaving in yuan payments for 14 consecutive months, while the central bank’s yuan holdings have fallen the most since January.
President-elect Trump will nominate Rep. Mick Mulvaney, R., S.C., as the director of the Office of Management and Budget. Mulvaney is a fiscal conservative who has warned against larger deficits. When confirmed by the Senate, he will be in charge of putting together Trump’s initial budget proposal to Congress, which is likely to include the repeal of the Affordable Care Act, an overhaul of the tax code, and spending on infrastructure.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
