Correspondingly, RMB liabilities owed by mainlanders and multinationals decreased, as did RMB assets held in Hong Kong. In fact, increases in financing costs and uncertainty about RMB appreciation prompted a partial sell-off of RMB assets by Hong Kong residents.
反向套利意味着资本从中国大陆流出。相应地，大陆居民和跨国公司持有的人民币债务下降了，香港居民持有的人民币资产亦然。事实上，融资成本的上升以及人民币升值的不确定性触发了香港居民单方面甩卖人民币资产。