Who exactly will be demanding to liquidate their yuan? Offshore yuan deposits amount to under ¥2tn. China has foreign exchange reserves worth $3.1tn (¥21.8tn).

Who exactly will be demanding to liquidate their yuan? Offshore yuan deposits amount to under ¥2tn. China has foreign exchange reserves worth $3.1tn (¥21.8tn). Enough to buy back all offshore yuan deposits ten times over, and still have more reserves than all but eleven countries. China has enforced strict capital and currency controls over decades to protect its currency from external shocks like an attempted run on the yuan. There may be lots of vulnerabilities in the Chinese financial system, but currency is not one.