ICYMI - China’s capital outflow surges to its highest since 2016 ...Middle East

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ICYMI - China’s capital outflow surges to its highest since 2016
Bloomberg (gated) report using data for April from China's State Administration of Foreign Exchange released on Friday:Local firms purchased the largest amount of foreign exchange from banks since 2016 in Aprilexporters held back dollar conversionresidents snapped up foreign currencies for overseas travel The concern driving flows is a weaker yuan given China’s low interest rate compared with that for the US dollar.More from Bloomberg:Goldman Sachs: “We expect policymakers to maintain tight control to fend off depreciation expectations” via a strong yuan fixing and offshore liquidity management, given the elevated capital outflow pressures Hang Seng Bank China:“Exporters have a higher tenden

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