China FX regulator says targeted measures have helped limit capital outflows

Wed Dec 9, 2015 9:35pm EST
 
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BEIJING Dec 10 (Reuters) - Targeted measures by China's policymakers have helped limit capital outflows and curb speculation in the yuan currency, the foreign exchange regulator said on Thursday.

The comments were made by Wang Chunying, deputy head of the State Administration of Foreign Exchange's (SAFE) international balance of payments department, at a news conference in Beijing.

China's surprise devaluation of the yuan on Aug. 11 fueled a wave of capital outflows on fears the world's second-largest economy might be slowing more sharply than thought.

Like many other currencies, it has also slipped against the U.S. dollar on expectations of an interest rate increase by the U.S. Federal Reserve.

China's foreign exchange reserves, the world's largest, fell by $87.2 billion in November to $3.44 trillion, central bank data showed on Monday, the lowest level since February 2013 .

(Reporting by Beijing Monitoring desk; Editing by Kim Coghill)