In order to mask the tremendous capital outflows leaving its country – in order to prevent and/or delay a depositor panic – China has resorted to various gimmicks: back in October, we reported that the first one involved the PBOC gradually shifting from FX spot intervention to the using forwards as a preferred mechanism of market intervention as it is not as obvious, or as transparent to detect, to wit: “we need to take account not only of the PBoC’s non-spot market intervention ef