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China's cross-border capital outflows pressure eases

Xinhua, March 22, 2016 Adjust font size:

China's cross-border capital outflow pressure has eased significantly in recent months, an official with the foreign exchange regulator said on Tuesday.

China's foreign exchange reserves fell 28.6 billion U.S. dollars in February, down from the decreases of 107.9 billion dollars in December and 99.5 billion dollars in January, Wang Yungui, from the State Administration of Foreign Exchange (SAFE), told a press conference.

Cross-border capital outflow was down 45 percent in February month on month. Depreciation pressure on the yuan has largely been removed and its value has also gradually stabilized.

This shows that cross-border capital outflow from China has moderated, Wang said.

"Cross-border capital movement is expected to stabilize some time in the future," Wang Chunying, another SAFE official, said at the conference.

China aimed to expand its economy by 6.5 percent to 7 percent in 2016, which is a high target. Thus, China's fundamental of attracting foreign capital inflows will not be changed, he added. Endi