In a new report, Societe Generale analyst Albert Edwards discussed the implications of China’s forex reserve burn in recent months and what could happen when the nation can no longer support the renminbi. Edwards believes that the recent turn of events in China indicates a collapse of the renminbi is imminent.

Since mid-2014, China has burned through nearly $800 billion of its $4 trillion forex reserves, and Edwards expects that January’s data will indicate another $120 billion has been used so far in 2016. While even this much additional burn would keep China’s reserve level above $ 3 trillion, Edwards believes…

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