FX Reserves Fall to 13.5pc of M2 at Year End

There are now 51 yuan per U.S. dollar of forex reserves, and reserves can only cover 13.5 percent of M2.

Where you place your bet now depends on if you believe Chinese government actions represent prudent prevention or reveal growing panic.

Reuters: Exclusive: Banks forced to cover tracks of China's forex regulator

China's forex regulator is telling banks to keep its instructions about curbing capital outflows secret and to ensure that research analysts keep any negative views about the yuan's prospects to themselves, several bankers said.

...SAFE, which is part of the People's Bank of China (PBOC), is insisting in oral instructions to dozens of banks that they don't reveal its role in such restrictions, six bankers said, which was damaging their relationships with clients since they were unable to explain why they were turning away business.

Capital controls are on.