China's central bank saw its yuan funds outstanding for foreign exchange fall 190.5 billion yuan (28.6 billion U.S. dollars) to 23.4 trillion yuan in July, official data showed on Sunday.
The drop, more than the 97.7 billion yuan in June, was the ninth consecutive monthly decline, according to China's News Agency (Xinhua).
As the Chinese currency is not freely convertible under the capital account, the central bank has to purchase foreign currency generated by China's trade surplus and foreign investment in the country, adding funds to the money market.
Such funds are an important indicator for foreign capital flow in and out of China as well as domestic yuan liquidity.
Concerns about capital outflows had been on the rise as the economy slowed, and the Chinese currency had fallen since China revamped its forex mechanism last year.
GMT 13:48 2017 Sunday ,19 February
China's central bank to properly shift monetary policyGMT 12:29 2017 Friday ,10 February
Central bank withdraws liquidity for 3 weeksGMT 00:58 2016 Wednesday ,07 December
Egypt, China sign Egyptian pound-yuan currency swap agreement worth 18 bn yuanGMT 20:14 2016 Tuesday ,29 November
China's Central Bank Drains 10bn Yuan from MarketGMT 17:45 2016 Tuesday ,18 October
China's Central Bank Continues to Drain Money from MarketMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor