China’s Capital Outflow Surges to Highest Since 2016 in April
- Cross-border outflow for direct investment reached record high
- China expected to fend off yuan depreciation pressure: Goldman
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China’s capital outflows worsened in April, underscoring headwinds for the yuan amid a weak domestic economy and uncertainties over the Federal Reserve’s rate trajectory.
Local firms purchased the largest amount of foreign exchange from banks since 2016 in April, while exporters held back dollar conversion and residents snapped up foreign currencies for overseas travel, official data released on Friday showed.