USEUROPEAFRICAASIA 中文双语Français
Business
Home / Business / Finance

China's net forex sales continue to slow in April

Xinhua | Updated: 2017-05-16 08:11

China's net forex sales continue to slow in April

A clerk counts yuan and US dollar banknotes at a bank in Nantong, East China's Jiangsu province, Sep 21, 2016. [Photo/VCG]

BEIJING - Net foreign exchange sales by China's central bank and financial institutions continued to slow in April in a sign of easing capital outflows, official data showed Monday.

China sold 42 billion yuan ($6.1 billion) worth of foreign exchange in April, retreating from 54.7 billion yuan in March and 58.1 billion yuan in February, according to data from the People's Bank of China.

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.

The narrowing decline indicated easing pressure from capital flight as the Chinese economy firms up and the yuan stabilizes against the US dollar.

Official data showed China forex reserves climbing to $3.0295 trillion at the end of April from $3.0091 trillion a month earlier.

This was the first time since June 2014 the reserves expanded for three consecutive months.

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US