China’s SAFE: Pressure on capital outflow eased significantly in Q1

China’s fx regulator, the State Administration of Foreign Exchange (SAFE), published a statement today on capital flows in March and Q1.

Key Points:

For the January to March period, net forex sales stood at $40.9 billion

For March, $11.6bn ($10.1bn in February)

Pressure on capital outflow eased significantly in Q1

A SAFE official noted that Yuan depreciation expectation has weakened