Net outflows climbed to around US$75 billion in September despite stronger-than-expected Q3 growth.
Unfavourable US-China rate differences led to outflows and prompted overseas funds to trim their bond holdings in September.
China’s currency regulator — the State Administration of Foreign Exchange — said Friday onshore banks sold a net US$19.4 billion of foreign currencies to their clients last month, the most since November 2018, the height of the US-China trade war. Net outflows climbed to around US$75 billion in September, the most since late 2016 and an almost 80% increase from August, the firm said in a report.
“The unfavourable interest-rate spread between China and the US will likely imply persistent depreciation and outflow pressures in coming months,” Goldman analysts led by Maggie Wei and Hui Shan wrote in the note.China saw outflows from both the current account and capital account in September, official data showed. Contributing factors included a service deficit linked with outbound travel, a slump in direct investment and extended securities-related outflows.
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