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China banks’ net foreign exchange sales narrow sharply in July despite weakening yuan

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Net foreign exchanges sales by Chinese commercial banks narrowed sharply in July, signalling easing capital outflows despite acute depreciation pressure on the Chinese yuan.

Chinese banks sold a net of $6.1 billion of foreign exchange in July, 68 per cent lower than a month earlier, $3.3 billion down from the same period last year, shows latest data released by the State Administration of Foreign Exchanges. In particular, banks sold $2.1 billion foreign exchange on behalf of clients . . .

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