80 -40 -20 0 USD bn 10 20 30 40 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Net FX sales by onshore clients to banks, monthly (LHS) New FX loans - FX deposits, monthly (RHS) Source: Deutsche Bank, CEIC, SAFE -30 -20 -10 0 Citi China Data Surprise Index USD/CNY Fixing (RHS, reverse