Capital outflow is spelling trouble for Beijing.
During last year’s U.S. presidential election, then-candidate Donald Trump made a great deal of political hay calling China a “currency manipulator” and suggesting that the United States would rectify the situation when he took office. Now ensconced in the White House, President Trump continues to wave the bloody shirt of unfair trade practices by Beijing, but the fact is that China’s terms of trade with the West have eroded steadily in recent years.