Yuan for forex purchases shrinks to 21 trillion in March

Business | 15 Apr 2019 8:35 pm

China's yuan funds outstanding for foreign exchange dropped for an eighth straight month in March, according to central bank data, Xinhua reports.

The funds stood at 21.3 trillion yuan (US$3.17 trillion) at the end of last month, falling by 459 million yuan from February, according to the People's Bank of China.

As the Chinese yuan is not freely convertible under the capital account, the central bank has to purchase foreign currency generated by trade surplus and foreign investment in the country, adding funds to the money market.

Such funds are an important indicator of cross-border foreign capital flows and domestic yuan liquidity.

A similar measure of capital flow, the foreign exchange reserves edged up by 0.3 percent from February to US$3.09 trillion by the end of March.

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