Net forex sales slip 47% in May
Print Edition
CHINESE banks handled US$12.5 billion of net foreign exchange sales in May, down 47 percent from April, official data showed yesterday.
Chinese lenders bought US$127 billion worth of foreign currency last month and sold US$139.5 billion, the State Administration of Foreign Exchange said in a statement.
The amount has narrowed from US$23.7 billion seen in April, US$36.4 billion in March, US$33.9 billion in February and US$54.4 billion in January, suggesting the pressure of capital outflow is easing, SAFE said in a separate statement.
Concerns about capital outflow had been on the rise as the economy slowed and the yuan had fallen since China revamped its foreign exchange mechanism last year.
But resumed stability in global financial markets and positive signs domestically have eased the pressure of capital outflow since the start of this year.
Capital flows in and out of China will remain steady in the long term, SAFE predicted.
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