BEIJING, Sept 14 Net foreign exchange sales by
China's central bank in August were the highest in six months as
the bank sought to support the yuan, official data showed on
The People's Bank of China (PBOC) sold a net 191.9 billion
yuan worth of foreign exchange in August, according to Reuters
calculations based on central bank data released on Wednesday.
That is the highest figure since February, when net sales
were 227.9 billion yuan.
China' foreign exchange reserves fell by $15.89 billion in
August to $3.185 trillion, the lowest since 2011, central bank
The decline signaled renewed capital outflows, though most
analysts described them as modest at this point, unlike heavy
outflows last year and in early 2016.
The yuan has been trading at near six-year lows,
but has recovered slightly since July.
The August fall in reserves came even as China achieved a
foreign trade surplus of $52.05 billion that month, official
data issued on Sept 8 showed.
According to a Reuters survey of 18 fund managers, analysts
and currency traders in late August, market positioning in the
Chinese yuan was estimated to be the most bearish
since late July, after hawkish comments by Federal Reserve
officials rekindled bets U.S. interest rates would rise this
(Reporting by Beijing Monitoring Desk, Yawen Chen and Kevin
Yao; Editing by Richard Borsuk)