And now for China's great foreign-capital unwind

``So much investment and hot money had bought into Beijing's flagship policy of a strong yuan pegged to the U.S. dollar -- which has appreciated DXY, +0.21% about 30% since 2005 -- that this reversal moves into almost uncharted territory. By shattering a 10-year consensus held by everyone from deposit holders in Hong Kong to high-yield-bond investors in Europe, the unwind in capital flows could be of seismic proportions.''