Hong Kong helps relieve yuan pressures as mainland China grapples with capital outflows

Quick Summary:

With yuan capital outflows at their highest in years, transfers from Hong Kong to mainland China appear to have done much to keep the currency from depreciating at much higher rates.

At the same time, remittances of yuan from Hong Kong to the mainland have grown massively.

PBOC deputy governor Tao Ling said separately in an interview with state media last month that the central bank would support the development of the offshore yuan market, as well as the long-term mechanism for issuing overseas sovereign bonds.

---

More Pictures

---

Read Quick SummarySave Time

or

Article Details

Author / Journalist: Amanda Lee

Category: Business

Markets: Hong KongChina

Topics: Foreign Offshore Mainland Yuan China Bank China’s Kong Huang Hong Cent

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-06-26 @ 16:00:48 (2 days ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 760 words

Reading Time: 5 minutes read

Sentences: 20 lines

Sentence Length: 38 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 21392784

View Article Analysis

About SCMP

Main Topics: Business

Official Website: scmp.com

Update Frequency: 15 posts per day

Year Established: 1903

Headquarters: Hong Kong

News Last Updated: 1 hours ago

Coverage Areas: Hong Kong

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #42

Publisher Details

Frequently Asked Questions