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Capital is flowing out of China at a record pace, as investors remain concern over weakening economic activity.
Rapid easing by Peoples bank of China (PBOC), which has cut rates three times in last six years. However that seem to have doing little to persuade investors to retain capital. Similarly Chinese stock market has more than doubled in last one year. However that is also failing to keep outflow in check.
- China registered balance of payments deficit for the first three months of this year amounting $80 billion as per official data. This is single largest net quarterly outflow on record. China ran a current account surplus of $79 billion, which means Capital account outflow was record $159 billion.
Money might have been flowing out of China for quite some time now, which is contrast to what official data is suggesting. China's forex reserve has fallen for seven consecutive quarters.
China's forex reserve has fallen to $3.7 trillion, lowest level since 2013. However it still remain strong enough to ensure stability but risk would move higher if the outflow trend continues and gather pace.
