Devaluation sparks record net outflows
Print Edition
CHINA’S central bank and commercial banks sold a record net 761.3 billion yuan (US$119.9 billion) of foreign exchange in September, data showed yesterday, as capital outflows weighed on the yuan after its surprise devaluation the previous month.
The September figure surpassed the net 723.8 billion yuan sold in August, according to Reuters calculation based on central bank data.
Worries over China’s economic slowdown and possible interest rate rises by the US Federal Reserve have led to a wave of capital outflows that intensified after the yuan’s devaluation on August 11.
The move roiled global markets for several weeks afterward, and China’s authorities had to scramble to contain fears over the potential for further depreciation.
The authorities have taken a series of steps to curb capital flight, including clamping down on illegal cross-border money transfers conducted by underground money dealers and ordering banks to bolster checks on suspicious transactions.
The onshore yuan has generally strengthened, albeit slightly, during the past three weeks, buoyed partly by a slew of reforms, which traders say would enhance the yuan’s international status.
Data due out Monday is expected to show China’s economic growth slowed to 6.8 percent in the third quarter, the weakest since the global financial crisis.
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