PBOC net FX sales rise for first time in seven months

CGTN photo

Net foreign exchange sales by China's central bank rose for the first time in seven months in June. It, however, remained small compared with the end of 2016, as capital outflows have slowed.

The People's Bank of China reportedly sold a net 34.3 billion yuan (23.2 billion US dollar) worth of forex in June, up from 29.3 billion yuan (19.8 billion US dollar) in May.

June's sales were still the second lowest in at least a year, following earlier data that showed foreign exchange reserves had edged up in June for a fifth consecutive month.

It is in line with market expectations, as capital outflows eased after tighter regulations and the dollar rally paused.