I think it would be wonderful if ladies not on HRT of any kind could comment on whether they have this sort of discharge so that others could see they were not alone. I remember reading a leaflet by Annie Evans the well respected female womens health expert on post menopause that said
"Alteration in the normal vaginal discharge is something noticed by most women after the menopause
and also rarely discussed. Without oestrogen the pH(acidity) of the vaginal secretions changes and the normal
discharge becomes more alkaline (like caustic soda). This pH affects the balance of the micro-organisms in the
natural secretions which in turn suppresses the normal levels of “good†bacteria (lactobacillus). The discharge changes in nature, becoming watery, discoloured and slightly smelly. This often leads to vaginal burning and vulval irritation."
Now when I had it it wasn't sore or smelly just watery and yellow as you describe, so I wonder is that what becomes the new normal? - maybe we might find it is to some degree. I think VA is often not always dryness there is often a discharge associated with it.