China's outstanding funds for forex fell at fastest pace in 16 months in March

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China's yuan funds outstanding for foreign exchange dropped 17.01 billion yuan in March from a month earlier to 21.2 trillion yuan, the biggest fall in 16 months, according to data released by the People's Bank of China (PBOC).

As the yuan is not freely convertible under the capital account, the central bank has to purchase foreign currency generated by a trade surplus and foreign investment. When commercial banks sell their USD holdings to the PBOC and get the yuan in return, it creates funds outstanding for foreign exchanges. Such funds are an important . . .

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