OREANDA-NEWS  Capital outflow from China increased in April, Bloomberg writes, citing official data according to which banks in the country sold $36.7 billion worth of foreign currency to their customers, which is the highest since December 2016.

The article notes that this happened "while exporters restrained the conversion of dollars, residents bought up foreign currency for trips abroad," and investors preferred securities not denominated in yuan. As a result, the current account did not develop in favor of the national currency, which is rare for China, which has long had a surplus from its exports, the agency points out, noting that the country's banks transferred $29.5 billion worth of funds abroad on behalf of clients for direct investment and this became a record figure.

Last week, it also became known that the People's Bank of China, in an effort to stabilize the country's real estate market, dramatically simplified the terms of purchase, abolished the minimum interest rate on mortgage loans and reduced the amount of down payment for home buyers.