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China Yuan sales hit all-time high in Sept

FXStreet (Mumbai) - As Reuters reports, China's central bank and commercial banks sold a record net 761.3 billion yuan ($119.85 billion) of their yuan foreign exchange reserves in September, as capital outflows pressured the yuan after its unexpected devaluation in August.

The September figure surpassed the net 723.8 billion yuan sold in August, according to Reuters calculations based on central bank data.

Mounting China slowdown concerns and probable Fed rate lift-off have led to a wave of capital outflows that intensified after the yuan's devaluation on Aug. 11.

Li Huiyong, an economist at Shenyin & Wanguo Securities in Shanghai, said, "the yuan still faces pressure because of risks in China's economy and other uncertainties in financial markets."

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