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China sells record net 723.8b yuan of forex in August

The central bank has instituted a raft of new policies aimed at discouraging speculation on further yuan depreciation and traders suspect that it also intervened in offshore yuan markets.


CHINA's central bank and commercial banks sold a net 723.8 billion yuan (S$160 billion) of foreign exchange in August, by far the largest on record, highlighting how capital outflows intensified in the wake of the yuan's devaluation last month.

The previous largest outflow