Downward pressures on the currency, despite surging overseas sales, highlight the tension at the heart of China’s growth model: External strength is overwhelmed by internal weakness, seen in plunging rates of investment and faltering consumption. China’s official GDP data, buoyed by exports, look reasonably solid: In spite of recent weakness, 2026 growth is still expected to meet the government’s 4.5% to 5.0% target. But if the economy is doing so well, why do so many Chinese savers want out? ADAs it is, economies now being swamped by China’s export surge, especially in Europe, are agitating for China to engineer a currency appreciation. In that scenario, China’s long-suffering savers would be double losers.