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[–]Cancelthis[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Certainly appears like active OMO withdrawal.

Alternative explanations :

True withdrawal by central banks in Kuala Lumpur and Peking and Shanghai - or ember banks

Also : simple de hypothecation [ reduction of risk borrowing by systematic - linked operators ]

Also : and much more interesting, shift into specific commodities. Might report on commodities.