China capital outflows have stabilized in the first quarter

China capital outflows have stabilized in the first quarter

During the first quarter, capital outflows from China eased considerably, with cross border capital flows getting more balanced, as the foreign exchange regulator told on Thursday.

Less pressure from outflows has already helped to steady the Chinese Yuan this year and also brought China's foreign currency reserves back over the closely monitored $3 trillion mark.

Hopes for further Yuan depreciation have dropped considerably, as State Administration of Foreign Exchange spokeswoman Wang Chunying revealed at a news conference.

Net foreign exchange sales by China's commercial banks dropped steeply during the first quarter after policymakers tightened supervision on money leaving China and as a weaker greenback took pressure of the Yuan as well as other emerging currencies.

Net sales of foreign exchange by Chinese commercial banks edged down to $40.9 billion during the first quarter, compared with $124.8 billion in the first quarter of the previous year and $337.7 billion in sales in 2016, as SAFE data disclosed. 

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