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China capital exodus a wake-up call for private banks

Of all the market risks private bank strategists did not see coming in 2023, sharp drops in the Japanese and Chinese currencies may be the most jarring. The yen’s 10%-plus drop against the dollar so far this year confounds bets that the Bank of Japan (BOJ) would finally be exiting quantitative easing. The yuan’s 5%-plus decline belies the conventional wisdom…

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