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Back in June 2013, when Deutsche Bank opened a gold vault in Singapore which could hold up to 200 metric tons, the German bank was euphoric about the prospects for storing physical gold: "Gold has traditionally been stored in London, Zurich and New York, but there is a serious shift in dynamics going on as the global financial crisis continues to evolve," Mark Smallwood, Deutsche Asset & Wealth Management's head of wealth planning in the Asia-Pacific region, told The Wall Street Journal.

A little over two months ago, when official PBOC data revealed that not only had Chinese reserve outflow slowed down, but actually posted an uptick in October, we warned that "Capital Is Still Flowing Out Of China, Here's How Beijing Is Hiding It", in which we explained that in taking a page from the western bankers' playbook, the Chinese central bank had shifted to less "traceable" forms of currency manipulation, namely via "forwards". To wit:

by Keith Weiner

There is a populist idea of money printing. The idea is that banks can just print what they want, enriching themselves in a massive fraud. But, does it really work this way?

Let’s start with a simple case, which is clearly not money printing. We will build a series of examples by adding one element at a time, working our way up to banks, and the central bank. Then we can examine this idea of printing.

On Monday, the Riksbank said it would “instantly intervene” in the FX market in the event ongoing krona strength ends up imperiling Sweden’s inflation target.

It shouldn’t surprise anyone that after a period of relative quietness on the European front, something was bound to happen again. Even though it has been less than six months since Greece had to close its banks in an attempt to stop a bank run, it feels like it has been an eternity as the mainstream media chose not to spend too much attention on a fait-divers like a bank run.