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Skip Navigation LinksHome :: Markets/asset classes :: Foreign exchange :: Hot money outflow from China seen in July.

Tuesday, August 19, 2008

Hot money outflow from China seen in July.





Hot money outflow from China seen in July. According to the People's Daily , figures released by the People's Bank of China (PBOC) on Wednesday show that Chinese mainland banks received USD 5.6bn in foreign exchange deposits in July, compared with USD 11.9bn in June. Chinese Academy of Social Sciences analyst Liu Yuhui said on Thursday that since the foreign exchange deposits had declined and were less than the USD 8.336bn foreign direct investment (FDI) actually used and the USD 25.28bn trade surplus for July, it was evident that there had been an outflow of hot money, or short-term speculative funds. The outflow is being partly attributed to the recent strengthening of the Dollar. PBOC data showed that M2 money supply increased by 16.35% y/y to CNY 4.46tn, growing 0.39pps slower than at the end of 2007. M1 money supply grew by 13.96% y/y to CNY 1.55tn, growing 7.09pps slower than at the end of 2007.







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