China Banks Sold a Net $14.9 Billion of Foreign Exchange in April

Features Dow Jones Newswires

Chinese banks sold a net $14.9 billion of foreign exchange in April, up from $11.6 billion a month earlier, the country's forex regulator said Wednesday.

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The volume of offshore financing by Chinese companies rose last month, while foreign-exchange purchases by individuals fell, the State Administration of Foreign Exchange said in a statement.

The regulator said the improvement in China's economic growth and the opening of financial markets have helped to stabilize cross-border capital flows.

China's forex reserves rose for the third straight month in April, suggesting that Beijing has gotten a break from dipping into its currency pile to prop up the yuan.

Pressure to move money out of China has eased recently, helped by a weaker U.S. dollar and tighter capital controls.

--Grace Zhu

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(END) Dow Jones Newswires

May 17, 2017 04:58 ET (08:58 GMT)