WSJ quoted Jim Rogers well,
Still, Mr. Rogers, a one-time partner of Mr. Soros, says his concern is that China’s slowdown is getting unfair blame for global difficulties, which he says stem from indebted governments in the U.S., Europe and Japan. “I see serious economic problems in the world, worse than we saw in 2008,” said Mr. Rogers, noting that he remains an investor in China’s yuan and listed stocks. “It’s clear these problems didn’t start in China.”
Speculators can succeed at shorting the RMB only because the wealthy and self centered locals have no confidence in the safety of their capital and chose to send their money out of China in a stampede. Speculators are only taking an unstoppable bus full of traitorous locals. If the Chinese government can figure out a way they will definitely severely punish these locals. We all know much of these flight money are not honestly earned.
Look at the data entrails from the previous month. Clearly many Chinese were mis-invoicing to take money out of China. Locals were doing the equivalent of shorting the RMB massively!