Chinese Capital Outflows Return As Soon As PBOC Halts FX Intervention

Although the PBOC reported that in September official central bank reserves rose by $17 billion to $3.109 tn , according to the latest SAFE data released overnight, after the first, and only month of inflows in three years, outflows have again returned for a total of $7bn in September (vs. net inflows of +US$9bn in Aug), in light of the recently relaxed FX forward rule

Kentucky Republicans Cave On Pension Reform; Stick It To Taxpayers With "Kick The Can" Approach Instead

After months of planning and cogitating over how to address the failing public pension systems in his state, Governor Matt Bevin released his plan earlier today and it appears to be nothing more than the same old "kick the can down the road" approach to "pension reform" that has perpetuated the pension ponzi in this country for decades while doing absolutely nothing to address the actual crisis.