China'S Capital Outflow Is Increasing Due To Depreciation Of RMB
In June, there were 49 billion dollars.
Capital outflow
In May, it was US $25 billion.
Before Goldman made the above analysis, the data released by the State Administration of foreign exchange showed that foreign exchange demand continued to exist.
Last month, the yuan fell 1.1% against the US dollar and the basket index fell 2.2%.
"Although the scale of China's capital outflow is still far below the level of last December and January this year, the size of the outflow was about $126 billion a month, but the latest data show that the devaluation of the renminbi has affected the popularity," said Deng Minqiang, an economist in Hongkong.
In 2015 and early 2016, the renminbi was officially allowed.
depreciation
In order to accelerate the repayment of foreign debt, investors have pferred their funds to overseas. China has experienced an unprecedented wave of capital outflow.
With the slowing down of the RMB devaluation and the implementation of strict cross-border capital control measures, the capital outflow has been alleviated.
Policymakers spare no effort to limit.
Capital outflow
And the devaluation of the yuan has ordered banks to stop sending funds overseas, and the overnight lending cost of offshore renminbi has been pushed up to an incredible 66.8% level in January.
The Central Bank of China also defended the RMB exchange rate this week in order to prevent it from breaking 1 yuan to 6.7 yuan.
"Recently, the stability of the RMB exchange rate can be interpreted as an attempt by Chinese policymakers to stabilize market sentiment after seeing the devaluation, and of course, it can not be concluded at the moment," Goldman Sachs wrote.
On Friday, the offshore renminbi is expected to end the longest consecutive weeks of falling prices during the year. The central bank's suspected intervention has offset the pressure on the appreciation of the US dollar and has raised concerns about China's commitment to allow market forces to decide the RMB exchange rate.
Despite the rise in the US dollar index, the Central Bank of China raised its central parity price two times this week.
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