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Xinhua Credit
Economy

China's yuan funds outstanding for forex purchase fall further

May 15, 2020


Abstract : China's yuan funds outstanding for foreign exchange purchase declined for the third month in a row in April, the central bank data showed Thursday.

BEIJING, May 14 (Xinhua) -- China's yuan funds outstanding for foreign exchange purchase declined for the third month in a row in April, the central bank data showed Thursday.

The funds stood at 21.19 trillion yuan (about 2.98 trillion U.S. dollars) at the end of April, down 16.42 billion yuan from a month earlier, according to the People's Bank of China.

As the Chinese yuan is not freely convertible under the capital account, the central bank has to purchase foreign currency generated by a trade surplus and foreign investment in the country, adding funds to the money market. Such funds are an important indicator of cross-border foreign capital flows and domestic yuan liquidity.

The April reading marked the third straight month of decline after a rebound in January ended a falling streak of 17 consecutive months.

It came amid a pickup in the foreign direct investment (FDI) the country received. FDI flows into the Chinese mainland climbed 11.8 percent year on year in April, ending a two-month falling streak, as the recovery in economic activity continued apace in the country with unremitting epidemic containment efforts. Enditem

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Keyword: foreign exchange

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