26739
Record China Capital Flight
World Economy

Record China Capital Flight

China’s capital outflow hit a record $141.66 billion in August as a result of the country’s biggest currency devaluation since 1994, according to data compiled by Bloomberg. The pullout of money from the country exceeded the previous record of $124.62 billion in July, Bloomberg’s so-called “hot money” gauge showed. It is an estimate of the sum of foreign exchange purchases by banks and the change in foreign exchange deposits to measure flows into and out of the country. The outflow accelerated in August following China’s shock devaluation of the yuan. The Central Bank of China has cut its daily reference rate by 1.9%, its biggest downward adjustment in 20 years. The aim, it said, was to revive faltering exports. Beijing has ramped up efforts to support the slowing economy and an almost 40% stock market drop since late June. The government cut interest rates for the fifth time since November and pledged to support the market by buying shares.

Short URL : https://goo.gl/hBPl7i
  1. https://goo.gl/GCDlsy
  • https://goo.gl/HX70dg
  • https://goo.gl/VSP64o
  • https://goo.gl/LajNk7
  • https://goo.gl/EIMeFq

You can also read ...

India Launches 888 Anti-Dumping Probes
The Indian government has initiated as many as 214 anti-...
Federal Reserve Board Chairman Jerome Powell speaks during a hearing before the Senate Banking, Housing and Urban Affairs Committee.
US Federal Reserve Chairman Jerome Powell said protectionism...
Fitch Retains Philippine  Debt Rating
Global debt watcher Fitch Ratings kept the Philippines’...
Shifting transactions from cash to digital payments holds great promise for  individuals, businesses and governments.
More than 23% of the world's economy operates out of sight of...
UN to Help Rebuild Gaza Economy, Create Jobs
Against the backdrop of rapidly rising tension, violence,...
Lloyds Loses Mortgage Market Share
Lloyds lost market share in UK mortgages last year as Royal...
EU to Fine Google $5 Billion
Google will be fined about €4.3 billion ($5 billion) by the...
ECB Research Says Stimulus Didn’t Favor the Rich
New research published by the European Central Bank pushes...

Trending

Googleplus