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
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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