Yuan for forex climbs as capital inflow rises
Print Edition
China’s yuan funds outstanding for foreign exchange rose for a second month in September, indicating the country is seeing more capital inflow, according to official data released yesterday.
The figure reached 27.5 trillion yuan (US$4.5 trillion) at the end of September, up 126.4 billion yuan from August, according to data from the People’s Bank of China, the central bank.
The funds, a major indicator of international capital movement into or out of China, declined in both June and July, raising concerns of a capital outflow.
The stabilization of China’s economy is believed to be a major reason behind the increase.
Data from the National Bureau of Statistics showed that China’s economy expanded by 7.8 percent in the third quarter, up from 7.5 percent in the second quarter.
The purchasing managers’ index for the manufacturing sector rose for a third month in September to a 17-month high of 51.1 percent, signaling continued expansion in the manufacturing sector.
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