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News> Business> Content
Sunday, October 21, 2018, 18:49
China's yuan funds outstanding for forex drop in September
By Xinhua
Sunday, October 21, 2018, 18:49 By Xinhua

This July 3, 2018 photo shows an advertisement promoting China's renminbi (RMB) or yuan, US dollar and Euro exchange services at a foreign exchange store in Sheung Wan, Hong Kong. (ROY LIU / CHINA DAILY)

BEIJING – China's yuan funds outstanding for foreign exchange saw a decline last month, official data shows.

The funds stood at 21.4084 trillion yuan (about US$3.09 trillion) at the end of September, down from 21.5278 trillion yuan a month earlier, according to the People's Bank of China (PBOC), the country's central bank.

As the Chinese currency is not freely convertible under the capital account, the central bank has to purchase foreign currency generated by a trade surplus and foreign investment in the country, adding funds to the money market.

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Such funds are an important indicator of cross-border foreign capital flows and domestic yuan liquidity.

As a similar measure of capital flows, China's foreign exchange reserves stood at US$3.087 trillion by the end of September, down 0.7 percent from a month ago.

ALSO READ: China's yuan funds for foreign exchange post milder drop

The State Administration of Foreign Exchange said that although the external environment still shows lots of uncertainties, the stable fundamentals of China's economy will provide a solid foundation for the steady operation of China's forex market.

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