国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Business / Economy

Watchdog says outflows of capital 'normal'

By ZHENG YANGPENG (China Daily) Updated: 2015-10-23 07:35

Watchdog says outflows of capital 'normal'

A Chinese resident displays his Chinese currency and US dollar banknotes in Qionghai city, South China's Hainan province, March 15, 2014. [Photo/IC]


Chinese individuals hold foreign currency in anticipation of the depreciation of the yuan?

Chinese enterprises and individuals are willing to hold foreign currency in anticipation of the depreciation of the yuan, but the top regulator said that does not equal a massive capital flight.

Statistics released by the State Administration of Foreign Exchange on Thursday showed China's commercial banks sold a net 729.6 billion yuan ($114.9 billion) of foreign exchange on behalf of clients in September, cooling from August's 807 billion yuan but still the second highest this year.

By comparison, in the second quarter banks just sold a net $4.6 billion on a monthly average level, while the figure in the third quarter was $65.4 billion, showing that favor for the US dollar (and aversion for the yuan) has not waned.

However, the deputy head of the State Administration of Foreign Exchange, Wang Xiaoyi, told a news conference on Thursday that the money outflows are "normal" and not a sign of panicked capital flight, and that China is confident in keeping international payments and receipts balanced.

"When companies receive foreign currencies, they are not destined to spend them overseas. They can use them to pay for imported goods, repay their onshore forex debt, or deposit them in domestic banks,"Wang said. Enterprises also showed a greater willingness for out-bound investment, which does not equate to panic-induced capital outflow, he said.

That said, China has announced some measures to curb yuan speculation. Wang said China is considering forex transaction fees to curb large, short-term cross-border capital flows. Central bank Deputy Governor Yi Gang made the same proposal in early October to deter currency speculators.

Wang also defended the central bank's intervention to keep the yuan steady after the yuan depreciated by 1.9 percent on Aug 11, triggering investors to bet against it. Now the market has returned to calm.

"Expectations have stabilized and the market believes the economic fundamentals do not support long-term depreciation, so arbitrage eased," he said. The yuan has strengthened 1.6 percent since a record low on Aug 12.

Hot Topics

Editor's Picks
...
麟游县| 萨嘎县| 阿巴嘎旗| 茶陵县| 沅江市| 永州市| 鄂州市| 屏南县| 大田县| 镶黄旗| 德令哈市| 夹江县| 洪湖市| 五河县| 东城区| 绵阳市| 江山市| 阿克陶县| 高州市| 高淳县| 岳普湖县| 新乡县| 宝清县| 巴青县| 太湖县| 德令哈市| 上蔡县| 湘西| 遵义县| 和龙市| 蒲城县| 饶河县| 长寿区| 嘉义县| 宝应县| 江口县| 塘沽区| 鹰潭市| 海口市| 佛学| 六安市|