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


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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