© Reuters. A view of the city skyline, ahead of the annual National People's Congress , in Shanghai, China February 24, 2022. Picture taken February 24, 2022. REUTERS/Aly Song/File PhotoSHANGHAI -China recorded its first-ever quarterly deficit in foreign direct investment , according to balance of payments data, underscoring Beijing's challenge in wooing overseas companies in the wake of a"de-risking" move by Western governments.
"Some of the weakness in China's inward FDI may be due to multinational companies repatriating earnings," Goldman Sachs wrote, adding China's interest rate differentials with developed countries also played a part. "Given these unfolding dynamics, which are poised to exert pressure on the RMB, we anticipate a sustained strategic response from China's authorities," Tommy Xie, head of Greater China Research at OCBC wrote.trading against the dollar also hit record-low volume in October, official data showed, highlighting authorities' stepped-up efforts to curb yuan selling.
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