China's economy to help stabilise cross-border capital flows: regulator

[BEIJING] China's economy will operate within a reasonable range in the near term which will fundamentally help stabilise cross border capital flows, the country's foreign exchange regulator said on Monday.

Capital outflow pressure eased in April, the State Administration of Foreign Exchange (SAFE) said in a statement on its website.

Earlier on Monday, data showed China's commercial banks sold US$23.7 billion of foreign exchange in April, down from net sales of US$36.4 billion in March.

The drop showed that domestic companies were paying their foreign debts at a slower pace, SAFE said in a statement, adding that companies were less willing to hold foreign exchange in April.

REUTERS