State Administration of Foreign Exchange deputy director and spokesman Li Bin said China’s non-bank cross-border receipts and payments totaled $1.5 tln in August, with net capital inflows of $62.4 bln, up 4% MoM. Trade-related inflows remained large; the services deficit widened 6% MoM on higher summer study and travel outflows; foreign-held dividend payments narrowed 23% MoM from a seasonal high; two-way cross-border direct investment was broadly stable. Domestic FX market turnover was $3.9 tln

State Administration of Foreign Exchange deputy director and spokesman Li Bin said China’s non-bank cross-border receipts and payments totaled $1.5 tln in August, with net capital inflows of $62.4 bln, up 4% MoM. Trade-related inflows remained large; the services deficit widened 6% MoM on higher summer study and travel outflows; foreign-held dividend payments narrowed 23% MoM from a seasonal high; two-way cross-border direct investment was broadly stable. Domestic FX market turnover was $3.9 tln in August and banks posted a settlement surplus of $48.5 bln. Corporate FX conversion rate was 61.5%, 2.7 percentage points below the Jan–Jul average; firms’ conversion and FX-holding intentions and overall market expectations were reported as stable.