China sells record net 723.8b yuan of forex in August

Shanghai

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, in July, totalled 249.1 billion yuan. The figures are based on Reuters calculations using central bank data, the latest of which was released on Monday.