BAML: As Reserves Fall Rapidly, PBOC May Be Forced To Abandon Yuan Defense

The high yield investment market has been a pillar of strength. Bank of America Merrill Lynch, for instance, notes in a January 11 report that given the deterioration in technical and fundamental factors, the market has held up reasonably well. Based on this strength, BAML is holding to its positive strategic longer term view regarding performance in the asset class. The report does look at other market factors, noting "misplaced faith." But the most ominous warning is likely the one regarding China Reserves.
China Reserves - Despite headwinds, high . . .

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