Chinese commercial banks sold a net US$40.9 billion of foreign currencies in the first quarter, a 67.2 per cent decline from the same period in 2016. Photo: Bloomberg

McKinsey warns of China’s ‘looming interest rate storm’ as capital flight pressures ease

China’s net foreign-exchange sales fall 67 per cent to US$40.9 billion, but McKinsey warns Fed rate rises could trigger a liquidity crisis

Topic |   Regulation

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Chinese commercial banks sold a net US$40.9 billion of foreign currencies in the first quarter, a 67.2 per cent decline from the same period in 2016. Photo: Bloomberg
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