Foreign currency deposits in Chinese banks jumped by more than $260 billion in the year through May, having surpassed $1 trillion for the first time. That could allow greater freedom for capital to flow out of the country. The pool’s growth came as surging demand for Chinese goods during the Covid pandemic boosted the foreign earnings of exporters. The resilient economy and strengthening currency have lured foreign investors to sell dollars for yuan to buy Chinese stocks and bonds. “Strong capital inflows offer a good window for China to carry out capital-account reforms and relax two-way capital flows,” said Linan Liu, Greater China
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