Chinese Banks’ Net Forex Sales Narrow Sharply in August

Chinese banks sold a net $3.8 billion of foreign exchange in August, down sharply from $15.5 billion the previous month, the State Administration of Foreign Exchange said Monday.

The data is consistent with recent indicators showing pressure on China’s capital outflows has eased in recent months.

China’s forex reserves rose for a seventh straight month amid the yuan’s recent strength against the U.S. dollar and Beijing’s efforts to curb capital flight.
Source: Dow Jones