The exchange value of the renminbi has remained relatively constant against the central bank’s designated basket of currencies, and it has depreciated against the dollar at a more gradual pace. Capital outflows, while still significant, have moderated. In Europe, the recovery has proven to be increasingly resilient. Monetary policy has continued to provide crucial support.
Sovereign-to-sovereign debt has an existing forum of resolution - the Paris Club. Debt of non-bank borrowers - to a considerable degree - experienced a de facto stand-still and at least did not exacerbate the outflows (although it had big effects in harming confidence and needs to be resolved if normal business relations are to be restored).