皇冠体育app

A clerk counts yuan and US dollar banknotes at a bank in Nantong, East 皇冠体育app's Jiangsu province, Sep 21, 2016. [Photo/VCG]

BEIJING - Net foreign exchange sales by 皇冠体育app's central bank and financial institutions continued to slow in April in a sign of easing capital outflows, official data showed Monday.

皇冠体育app sold 42 billion yuan ($6.1 billion) worth of foreign exchange in April, retreating from 54.7 billion yuan in March and 58.1 billion yuan in February, according to data from the People's Bank of 皇冠体育app.

As the Chinese currency is not freely convertible under the capital account, the central bank has to purchase foreign currency generated by 皇冠体育app's trade surplus and foreign investment in the country, adding funds to the money market.

The narrowing decline indicated easing pressure from capital flight as the Chinese economy firms up and the yuan stabilizes against the US dollar.

Official data showed 皇冠体育app forex reserves climbing to $3.0295 trillion at the end of April from $3.0091 trillion a month earlier.

This was the first time since June 2014 the reserves expanded for three consecutive months.