Check on cross-border fund flows
Print Edition
CHINA will closely monitor potential risks from cross-border capital flows as foreign debt fell in the third quarter, the State Administration of Foreign Exchange said yesterday.
China’s total foreign debt was US$1.53 trillion at the end of September, down US$150.3 billion from the end of June, SAFE said in a statement.
Short-term foreign debt accounted for 67 percent of the total, while medium and long-term debt made up for 33 percent.
The drop in debt occurred as capital started to flow out especially after China surprisingly devalued the yuan in August against the US dollar.
SAFE said it will set up a system to manage foreign debts and capital flow, and also improve its policies and contingency plans to prevent abnormal cross-border capital flow.
SAFE yesterday attributed the drop in debt to companies paying back debts to avoid foreign exchange rate risks and improving their foreign debt structure through finance operations, as well as Chinese banks taking less foreign currency deposits ahead of a hike by the US Federal Reserve in its interest rates.
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