US EUROPE AFRICA ASIA 中文
    Business / Economy

    China dismisses worries about capital outflow

    (Xinhua) Updated: 2015-09-17 17:50

    BEIJING - There is not and will not be a massive foreign capital outflow from China, the foreign exchange regulator said Thursday to reassure a panicked market before the Federal Reserve decides whether to hike US interest rates.

    "Depreciation pressure on the Chinese yuan has largely been removed and its value has almost stabilized," said Wang Yungui, a department director with the State Administration of Foreign Exchange (SAFE).

    The Fed will hold a monetary policy meeting on Friday morning to decide whether to raise the interest rate. The hike, the US central bank has hinted for months, could help repatriate capital from emerging markets to the United States for higher returns.

    The yuan has substantially depreciated against the US dollar since August, while China still maintains a large trade surplus and its economic fundamentals are still sound, he said.

    "Therefore, there is no basis for massive outflows of foreign capital," said Wang.

    However, he also admitted that sales of foreign currencies at Chinese banks are increasing, but the outflow is "not abnormal nor on a large scale."

    In July, Chinese banks sold $184.9 billion worth of foreign currencies to individuals and institutions, and bought $141.5 billion from them, resulting in a net sale of $43.4 billion.

    "The main reason was that China's trade-oriented enterprises used foreign currencies to repay overseas loans," said Wang.

    Nevertheless, SAFE has found some individuals and institutions split their purchase of foreign currencies from Chinese banks to bypass regulation.

    The administration will not control lawful trade of foreign currencies, but it will crack down on illicit activities.

    China's foreign exchange reserves declined by $93.9 billion in August to about $3.6 trillion, the fourth monthly drop in a row.

    "We are assessing the impact of the US rate hike. A preliminary study showed that the influence on the Chinese economy will be limited," said Zhang Xiangchen, Deputy China International Trade Representative.

    In addition, SAFE is working with the People's Bank of China to create a foreign exchange regulation, which will serve as a legal basis for the yuan's convertibility on the capital account.

    Hot Topics

    Editor's Picks
    ...
    国产V亚洲V天堂无码| 乱人伦人妻中文字幕无码| 久久久99精品成人片中文字幕| 亚洲精品无码久久久久久| 亚洲一区二区三区在线观看精品中文 | 亚洲美日韩Av中文字幕无码久久久妻妇 | 在线观看中文字幕码| 影院无码人妻精品一区二区 | 亚洲AV无码久久寂寞少妇| 中文字幕免费在线| 亚洲AV无码一区二区三区国产| 午夜不卡无码中文字幕影院| 国产一区三区二区中文在线| 中文字幕无码一区二区免费| 日韩欧国产精品一区综合无码| 亚洲AV综合色区无码一区| 久久人妻无码中文字幕| 最近更新中文字幕第一页| 亚洲欧美中文字幕高清在线| 日韩av无码一区二区三区| 国产成人无码一区二区三区在线| 伊人久久无码中文字幕| 精品久久亚洲中文无码| 亚洲AV无码资源在线观看| 日无码在线观看| 久久综合一区二区无码| 国产日韩精品无码区免费专区国产| 少妇无码一区二区三区| 亚洲无码在线播放| 亚洲Aⅴ无码专区在线观看q| 精品多人p群无码| 熟妇人妻中文a∨无码| 色多多国产中文字幕在线| 久久精品中文字幕一区| 亚洲欧美在线一区中文字幕| 最近2019免费中文字幕6| 乱人伦人妻中文字幕无码| 在线中文字幕精品第5页| 亚洲欧美日韩中文字幕在线不卡 | 精品人妻无码专区中文字幕| 国产真人无码作爱免费视频|