China's SAFE says yuan and cross border capital flows are basically stable

Author: Eamonn Sheridan | Category: Central Banks

China's FX regulator, the State Administration of Foreign Exchange (SAFE) 

  • says the Chinese yuan remains basically stable, cross border capital flows basically stable amid higher expectations of monetary policy tightening at major economies
  • commercial banks purchased net $20.9 bln of forex in September vs net purchase of $13.6 bln in August
  • commercial banks purchase net $180 bln of forex in January  - September 

Those FX purchases would have, at the margin, slowed the appreciation of the yuan. Which may have been at least partially a goal of policy although I am having a guess. 

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