China makes moves that could encourage outflows as yuan's sharp rally fuels market concerns

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The sharp appreciation of the yuan has resulted in capital inflows and given rise to concerns about its effects on exports and the country's manufacturing competitiveness, prompting policymakers to take actions to curb its ascent and encourage outflows.

The yuan's daily fixing strengthened 6.3 per cent against the US dollar last year, including 8.5 per cent in the second half. It has further strengthened more than 1 per cent so far this week, reaching 6.4604 per dollar on Wednesday, the strongest level since June 2018.

The State Administration of Foreign . . .

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