China money fleeing to foreign countries because of closed capital accounts

If there is complete opening of the capital accounts, I would imagine that the RMB would rather appreciate than depreciate. A lot of money has left precisely because the capital accounts are closed. If you open it up, some money will flow back, because they know we can do something in China. If conditions change, we can take it out. If you can’t take it out, it’s actually an incentive to take it out.