Capital is flowing out of China at a record pace, sparking fears about financial stability and complicating efforts by the central bank to support a slowing economy with lower interest rates.
China ran a balance of payments deficit of $80bn in the first three months of the year, the largest quarterly net outflow on record, according to official data.
The outflows are all the more striking because China’s trade surplus remained strong over the period. As falling commodity prices slashed the country’s import bill, it recorded a $79bn current-account surplus — the largest in nearly five years.
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