Chinese banks鈥 net forex sales climb
Print Edition
CHINESE banks continued to see net foreign exchange sales in November, and the volume expanded, signaling increased capital outflows.
Chinese lenders bought US$117.9 billion worth of foreign currencies last month and sold US$151.3 billion, resulting in a net sale of US$33.4 billion, the State Administration of Foreign Exchange said in a statement yesterday.
The amount has increased from the US$14.6 billion seen in October, suggesting the pressure of capital outflow is rising.
Concerns about capital outflows had been on the rise as the economy slowed and the yuan is under depreciation pressure.
The US Federal Reserve on Wednesday raised interest rates and hinted at more hikes next year, fueling capital outflow in China.
The yuan’s exchange rate devalued at a relatively small pace against the US dollar, while keeping basically stable against a basket of currencies, showing the yuan’s resilience against changes on the international market, SAFE said in a separate statement.
While the yuan’s exchange rate against the dollar has reached its lowest in eight years, it is gaining value against other currencies.
The yuan has firmed 7.5 percent, 2.5 percent and 0.5 percent against the yen, the euro and the pound in the recent two months.
It has risen 4.1 percent, 3.3 percent and 1.2 percent against the ringgit, the won and the Singapore dollar.
“The yuan still presents the characteristics of a stable and strong currency in the global currency system,” said Yi Gang, deputy governor of the People’s Bank of China.
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