China FX regulator says targeted measures have helped limit capital outflows

Meridian Mining

10/12/2015 02:16

BEIJING, Dec 10 (Reuters) - Targeted measures by China's 
policymakers have helped limit capital outflows and curb 
speculation in the yuan currency, the foreign exchange regulator 
said on Thursday. 
    The comments were made by Wang Chunying, deputy head of the 
State Administration of Foreign Exchange's (SAFE) international 
balance of payments department, at a news conference in Beijing. 
    China's surprise devaluation of the yuan on Aug. 11 fueled a 
wave of capital outflows on fears the world's second-largest 
economy might be slowing more sharply than thought. 
    Like many other currencies, it has also slipped against the 
U.S. dollar on expectations of an interest rate increase by the 
U.S. Federal Reserve. 
    China's foreign exchange reserves, the world's largest, fell 
by $87.2 billion in November to $3.44 trillion, central bank 
data showed on Monday, the lowest level since February 2013 
 L3N13W2SF . 
     
 
 (Reporting by Beijing Monitoring desk; Editing by Kim Coghill) 
 ((Nicholas.Heath@thomsonreuters.com; +86 10 6627 1277;)) 
 
Keywords: CHINA FOREX/POLICY