China Sees Highest Monthly Capital Outflow Since 2016 Amid Economic Uncertainty
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The pace of China's capital flight hit the highest monthly outflow since early 2016.
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Nearly $54 billion was sent overseas on behalf of banking clients.
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This is pressuring the yuan down, which is now trading at around 7.32 against the dollar.
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Outflows have become a stubborn theme for Chinese markets in 2023, amplifying amid economic outlook and real estate crash.
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Stimulus measures complicated by rising US interest rates, forming widest China-US yield spread in over two decades.