Rather than leaving most of last year’s $1.2 trillion windfall in the hands of the central bank, some two-thirds of the foreign assets sourced primarily from global trade ended up with companies, individuals and state lenders. That brings with it the risk of a sudden capital reversal that China doesn’t immediately control, especially in a world where the yuan is allowed to strengthen.Investors comprising China’s so-called non-official sector saw their holdings of assets abroad soar by more than $1 trillion ...