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6th Jan 2026 10:43China+Daily Monitor
  • China’s $11.5B rise in foreign reserves in December was down entirely to currency-valuation effects.
  • The large trade surplus has been resilient, despite tariff frictions, due to exports expanding into new markets.
  • Our estimated residual net capital outflow probably points to retained export earnings held offshore.

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Keywords for: 8 January 2026 China+ Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence