Over the last 12ms China (see fx settlement) bought at least $600b in fx --

Even though this didn't appear on the PBOC's balance sheet, the $1 in fx = 0.50 on the current account estimates gives a rough estimate of impact. Personally would put intervention a bit higher https://t.co/3HPDSu7V03 — via @Brad_Setser

Massive $600B China FX intervention signals hidden macro pressure on reserves.