A bank clerk counts yuan banknotes at a bank branch in Changzhi, Shanxi Province, in this file photo. An estimated US$141.66 billion left China in August, exceeding the previous record of US$124.62 billion in July, data compiled by Bloomberg show. The capital flight came as the People’s Bank of China shocked global markets by devaluing the yuan Aug. 11, triggering a worldwide drop in commodities, equities and emerging-market currencies. August outflows probably increased to US$178 billion, Goldman Sachs Group Inc. analysts led by Senior China Economist MK Tang wrote in a note this month. A potential source may be Chinese companies reducing foreign-exchange liabilities by repaying debt in other currencies and taking advantage of lower domestic funding costs, they said.SD-Agencies
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