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CHINESE banks saw a net foreign exchange purchase of US$300 million in September, the first settlement surplus in more than two years as cross-border capital flows stabilized, official data showed yesterday.
Businesses and individuals have become less willing to hold foreign currency, the regulator said.
Given China’s sound economic fundamentals, wider openness and more stable market expectations, cross-border capital flows will continue to be balanced and stable, the SAFE predicted.
Regarding the possible effect of US balance sheet reduction, the regulator said the move will not cause fundamental changes to cross-border capital flows.
There had been concerns over capital flowing out of the Chinese market in the second half of 2016, when the economy was facing downward pressure and the yuan was in the middle of a losing streak against the US dollar.
Official data yesterday showed China’s economy continued steady expansion in the first three quarters of this year, with growth at 6.9 percent year on year, well above the government’s annual target of 6.5 percent.
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