China’s SAFE: FX supply and demand more balanced in May

China's fx regulator, State Administration Of Foreign Exchange (SAFE), out with their latest headlines found below:

FX supply and demand more balanced in May

Pressure on cross-border outflows has gradually eased compared with beginning of the year        

Reduction in outflows is a reflection on China's economic fundamentals

Chinese companies and individuals less willing to keep forex depos

Companies efforts to deleverage their foreign debt has slowed 

 Meanwhile, China's commercial banks sell net USD 12.5bln in May vs USD 23.7bln in April. Jan-May total sales USD 161bln.