The country's forex regulator, the State Administration of Foreign Exchange, reported that yuan-denominated cross-border payments accounted for 38 percent of all the currencies by the end of March, a historic high since the figures were published.
During the first quarter, the trade surplus in goods and services declined. The net capital outflow during the period may drop aggressively, or turn to a net inflow, compared with the $20.1 billion net capital outflow during the same period a year ago, said Guan Tao, chief global economist of BOC International Co Ltd.
China's equity market, however, experienced net capital outflows of 179.9 billion yuan , compared with a net inflow of 193.5 billion yuan in the first quarter of last year, official data showed. The global equity markets at the same time suffered the fastest drop in history and the asset price declines reached about half the magnitude seen in 2008 and 2009 at the worst point of the sell-off.