Forex sales’ fall signals easing outflow
Print Edition
NET foreign exchange sales by Chinese banks continued to drop in February signaling a let-up of capital outflow, official data showed yesterday.
Banks bought US$108.8 billion worth of foreign currency and sold US$118.9 billion, resulting in net sales of US$10.1 billion last month, according to the State Administration of Foreign Exchange.
The deficit fell from January’s US$19.2 billion and US$46.3 billion in December.
SAFE said forex demand and supply were basically balanced in February, noting that cross-border fund flow had improved.
China kept a net inflow of funds in merchandize trade last month, while firms and individuals were more rational in forex purchases, SAFE said.
There had been rising concerns about capital flight in the second half of 2016, when the economy was facing looming downward pressure and the yuan was in the middle of a losing streak against the greenback.
The yuan gradually recovered from its weakness in recent months, as the Chinese economy started 2017 on a firmer footing, indicated by a string of economic data including factory activity, foreign trade and fixed-asset investment.
The yuan’s central parity rate firmed 253 basis points to 6.8862 against the US dollar yesterday.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
