16 Dec '11, 7am

China's bank deposits fall as investors sell yuan

China's bank deposits fall as investors sell yuan

BEIJING: Chinese investors withdrew hundreds of billions of yuan from major banks in the first 10 days of December, state media said Friday, on falling expectations the currency will strengthen. Deposits fell 400 billion yuan ($62.8 billion) as the unit comes under the biggest selling pressure since the 2008 global downturn, with a slowing domestic economy and turmoil in Europe and the United States fuelling demand for the US dollar. Half of the withdrawals were from the Bank of China, which has the largest foreign exchange business, the 21st Century Business Herald said, citing unidentified sources. Other banks affected were the Industrial and Commercial Bank of China, China Construction Bank and Agricultural Bank of China, the report said. Depositors may be withdrawing funds because they no longer expect the yuan to appreciate strongly next year, it said. Export-dependen...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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