Chinese banks sold a net 3.8 billion yuan ($597.3 million) in foreign exchange in July, following a net purchase of 49.1 billion yuan in June, according to Reuters calculations based on data published by the central bank on Tuesday.
That suggested there were net capital outflows from the country last month. A darkening global economic backdrop has dented investors’ appetite for emerging market assets and caused many to begin scaling back exposure to currencies other than the US dollar.
via ECNS
