China’s efforts to stem capital outflows beginning to pay off

BEIJING: China’s campaign to stop cash flooding out of the country is showing some success.

For the first time since the yuan’s devaluation in August 2015, Chinese banks last month registered net inflows under the capital account, according to cross-border payments figures released last Thursday by the currency regulator. The yuan, which plunged last year by the most in two decades, is now heading for its biggest monthly advance against the dollar since March.