No exodus of foreign capital, say authorities
Print Edition
Banks approved for foreign exchange transactions sold more foreign currency than they bought last month, although regulatory authorities have denied that foreign capital has been massively withdrawn from the country.
July was the second month this year that a deficit in forex transactions has been recorded, indicative of a net capital outflow for the month, the State Administration of Foreign Exchange said yesterday.
Banks purchased forex worth US$150.8 billion last month while selling a total of US$157.6 billion, creating a deficit of nearly US$7 billion.
However, the SAFE denied that foreign capital is rapidly flowing out of the country. It also predicted that cross-border capital flows will tend to stabilize despite small-scale fluctuations in the remainder of the year.
China’s yuan weakened yesterday after hitting its strongest level in 19 years amid cautious sentiment about its rapid appreciation.
The currency closed on the spot market at 6.1150 yuan per US dollar, weakening from Thursday’s 6.1125.
It hit a record 6.1090 in the morning, the strongest since China unified the market and official exchange rates in 1993. The central bank yesterday set the central parity rate at 6.1666 per US dollar.
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