The river's
outflow into the sea is blocked by a sandbar.
这条河流入海的出口被沙洲阻塞了。
The dam controls the
outflow of water from the reservoir.
水坝控制着水库的泄水。
The company experienced a significant
outflow of cash during the recession.
在经济衰退期间，该公司出现了大量现金流出。
The mine has an
outflow of contaminated water that needs to be treated.
该矿有一个受污染的水流需要处理。
The patient's condition was stabilized after controlling the
outflow of blood.
在控制住出血后，病人的病情稳定下来了。
The company's
outflow of talent is a major concern for management.
公司的人才流失是管理层的一大忧虑。
The air conditioning system maintains a constant
outflow of cool air.
空调系统保持恒定的冷气流出。
The
outflow from the heart pumps oxygenated blood throughout the body.
心脏的流出血液将含氧血液输送到全身。
The financial
outflow for the project exceeded the initial budget.
该项目的财务支出超出了最初的预算。
The factory has an
outflow pipe that discharges waste into the river.
工厂有一根排水管将废物排入河中。
In the first half of 2020, its cash flow from operating activities turned positive to reach 2.42 million yuan, while the outflow was 52 million yuan in 2018 and 223 million yuan in 2019, according to business news portal Lanjinger.
据商业新闻网站“蓝鲸”报道，2020年上半年，其经营活动现金流转为正，达到2420万元人民币，而2018年和2019年分别流出5200万元人民币和2.23亿元人民币。
Colakoglu said in the past seven months, there had been a financial outflow of some $5 billion toward Turkey, including ICBC's loan package, adding that "numbers show that China is a very important partner (of Turkey).
After experiencing labour force outflow for decades, Koryukovka gained new life in 2013, when it attracted the interest of investors from central China's Henan province.
In comparison, China's central, western and northeastern regions saw continual talent outflow.
After consecutive years of increasing foreign investment in China's equity and bond markets, the domestic market experienced a net outflow of capital from overseas investors in 2022, on the back of the country's property market challenges and the ramifications of its ongoing dedication to preventing the spread of COVID-19.
The resource-rich region has been long afflicted by industrial overcapacity, shrinking resources and the outflow of talent.
While northbound capital reported a net inflow of 74.2 billion yuan in June, the scene changed to a net outflow of 21 billion yuan in July.
Under such a comparison, it can be seen that China's easing will not result in capital outflow or depreciation in the renminbi exchange rate.
- The scale of China's foreign-trade order outflow is manageable and its impact is limited, said the Ministry of Commerce on Wednesday.
"The impact of the outflow of returned orders is generally controllable," Li said.
"While we still expect another RRR and policy rate cut in Q2, the chance is now lower and we don't expect additional broad-based easing in Q3, with capital outflow pressure amid the policy divergence with the United States acting as a constraint. "
In terms of international direct investment inflow and outflow, Asian economies outperformed the global average in 2020, showing that the regional production chains have not been significantly affected by COVID-19 and the China-US trade disputes, it said.
With 10-year government bond yields seen as a benchmark of asset returns, the inversion in yield spread sparked concerns that China's financial assets could lose some appeal compared with their US counterparts, which in turn could lead to rising capital outflow pressure on China, experts said.
Though interest rate cuts could help alleviate domestic economic downside risks, such moves could intensify capital outflow pressure and weigh on the Chinese yuan by further bringing down Chinese bond yields, they said.
In terms of tools that deal with aggregate monetary supply, RRR reductions will be preferable to interest rate cuts, as the latter could directly intensify outflow risks," Shao said.
Market analysts said the pressures of capital outflow and yuan depreciation will remain manageable, given that China's real interest rates, which subtract inflation and dictate real investment returns, are still performing at a higher level than counterparts in the US because of mild inflation in China.
Robin Xing, chief China economist at Morgan Stanley, said he expects China to see rising but manageable capital outflow pressure as the country maintains a decent real rate differential with the US.
"The capital outflow pressure facing the Chinese economy is expected to remain controllable as many long-term investors could still scale up their strategic allocation in Chinese financial assets, which will buffer the outflow of short-term speculative money," said Wang Qian, Vanguard's Asia-Pacific chief economist.
The yield spread between Chinese and US government bonds has remained as high as 1.4 percentage points of late, providing a cushion for any capital outflow pressure on China due to the divergence in the two economies' monetary stances.
If the Fed expands its balance sheet, the overall impact will not be very negative for the rest of the world, because the implementation of the Fed's expansionary policy will increase the outflow of capital to other countries, which in turn will lead to lower interest rates, currency appreciation and firmed-up asset prices.
But the outflow figure was higher.
As China continues to open up to the outside world, the CIIE, seeing an increasing outflow effect, has become the bridge for countries that want to take the "fast train" of China's development, said Bai Ming, a senior research fellow with the Chinese Academy of International Trade and Economic Cooperation.
Population outflow for cities in Hubei, Hunan and Anhui provinces can also be attributed to the strong development momentum for their provincial capitals, which attracted more people during the past 10 years.
Chinese monetary authorities will support Shanghai taking the lead in the free use of the renminbi and explore free capital inflow and outflow and free currency exchange in China (Shanghai) Pilot Free Trade Zone's Lingang Special Area, said Wang Xin, director of research at the People's Bank of China, on July 20.
Northeast China, which includes Heilongjiang, Liaoning and Jilin provinces, saw its population decrease by 11 million during the past 10 years due to low birth rate and population outflow.
Wang Youxin, a researcher at a research institute of the Bank of China, said more efforts are needed to continue optimizing the business environment, reducing barriers for market entry and attracting the inflow of foreign capital, so as to avoid the disorderly outflow of key links in the industrial chain.
In terms of attracting talent, the IT and internet industry saw the biggest inflow of talent, while service, manufacturing and financing experienced a significant outflow of talent.
Northbound capital reported a net outflow for one week before the National Day holiday.
The WGC said gold ETFs in the Chinese market saw an outflow of about 521 million yuan ($72.58 million) in the first half, supported by expectations of a strong economic recovery at the beginning of the year, and profits triggered by gold price increases.
In contrast, gold-backed ETF experienced a slight outflow of 3.7 tonnes in the second quarter, mainly because some investors chose to trade the investments to cash.
相比之下，第二季度黄金支持的ETF遭遇了约3.7吨的轻微资金流出，主要原因是一些投资者选择将此类投资兑换为现金。
Therefore, Chinese central regulators should take stricter control of capital flowing into the Chinese property market in the following years, while policies regarding capital outflow can be moderately relaxed, he said.
因此，他认为，中国中央监管机构在未来几年应加强对流入中国房地产市场资本的控制，而关于资本外流的政策可以适度放宽。
It expects higher funding cost and shorter loan tenors to exacerbate small homebuilders' liquidity risks in 2019, as refinancing of existing offshore maturities has come at a higher cost, which will increase cash outflow for interest payments.
The US recorded $2.3 billion worth of acquisitions against $3.1 billion of disposal volume, suggesting a net outflow of Chinese real estate capital from the US.
"Actually we've suffered the outflow of some projects with good prospects owing to the limited land," he said.
The one wild card is the outflow of overseas capital from Hong Kong for better returns from investments in the US.
So far, though, net capital outflow has remained “manageable” without the need to drastically raise interest rates to defend the Hong Kong dollar.
Great Wall could also have found it tough to obtain Chinese regulatory approval due to recent restrictions on capital outflow, Deutsche Bank AG analysts Vincent Ha and Fei Sun wrote in a report on Tuesday.
Beijing had witnessed a net talent outflow, which was related to the capital's industrial layout, said the report.
While the US Federal Reserve will likely maintain high interest rates for a longer-than-expected period, there may be continued capital outflow pressure in China as the country makes more efforts to stabilize economic growth, further lower financing costs and prepare for any possible external financial stress.
All such factors together have resulted in capital outflow from the A-share market, dragging down indexes, the analysts at HuaAn Securities added.
Despite Monday's slide, the northbound capital, the value at which overseas investors buy into the A-share market via the stock connect program linking the Shanghai, Shenzhen and Hong Kong exchanges, reported a net daily purchase of nearly 1.05 billion yuan ($150 million), ending the net capital outflow of six consecutive days.
Capital outflow pressure on China due to US tightening has eased as foreign investors made net purchases of Chinese onshore bonds for months, including a net purchase of $24.5 billion in December, the State Administration of Foreign Exchange said on Monday.
Despite the more optimistic forecasts, as of Friday, foreign capital still registered a net outflow of 7.96 billion yuan from A shares since the beginning of the year, via northbound trading of the stock connect programs between the Chinese mainland and Hong Kong exchanges.
With the outflow indicating that investors are still adopting a wait-and-see approach amid lingering uncertainties, the A-share market declined for two weeks in a row since the new year, with the CSI 300 Index ending Friday's trading at 3,284.17 points, down 1.35 percent from a week earlier.
Northbound capital — the amount that overseas investors buy into the A-share market — reported a net capital inflow of nearly 7 billion yuan, ending the outflow trend since late September.
Zhang Qiyao, chief strategist at Industrial Securities, said that foreign institutions' positive outlook on China's economic growth will mitigate the pressure of capital outflow in the A-share market and even result in capital inflow in the following months.
The pace of outflow has slowed this month as the amount of outflow came in at 27.97 billion yuan from the beginning of the month to Monday, according to market tracker Wind Info.
On Monday, northbound trading of stock connects between mainland and Hong Kong exchanges saw a net 8.25 billion yuan ($1.13 billion) outflow of A shares, after Bloomberg reported on Friday that Morgan Stanley had cut its price targets of Chinese equities indexes due to earnings pressures.
This divergence may widen US-China interest rate differentials and intensify capital outflow pressure on China.
As explained by CITIC Securities' Chief Economist Ming Ming, this cut will aggravate the inverted interest rates between China and the United States, which may result in capital outflow from the Chinese bond market.
As China's economy steadily recovers, renminbi-denominated assets have become increasingly appealing to global investors, which can help offset the pressure of capital outflow caused by the US-China interest rate differential, Zhou said.
With the Fed raising interest rates by as many as 425 basis points to tame inflation this year, many economies across the world have felt the pressures of local currency depreciation, capital outflow and higher debt costs.
Many emerging market economies are facing the pressure of domestic currency depreciation, capital outflow and inflation simultaneously.
Foreign capital outflow in China's interbank bond market has been seen since the beginning of the year.
The inverted difference has been widening, resulting in normal outflow from the Chinese bond market.
Net inflows this month reached 34.16 billion yuan, reversing a net outflow of 28.08 billion yuan in the past three months.
China will continue to face capital outflow pressure given the high US dollar index.
Although China's economic resilience is stronger at present, and the financial risks that affected markets between 2015 and 2016 do not concurrently exist, the Chinese currency's recent depreciation and capital outflow pressure cannot be overlooked.
China's inflation is quite low at present, while no significant increase in capital outflow has been seen recently.
By now, the country has seen controllable capital outflows as the nation recorded a net outflow in securities investments worth $158.6 billion in the first half, smaller than $166.4 billion in the current account surplus over the same period, SAFE said.
Underlining stable economic growth as the ultimate shield against capital outflow risks, they said measures like cutting benchmark interest rates and required reserves of banks remain feasible tools for China's central bank in order to bolster domestic demand and buffer against global economic downward pressures.
But it should be noted that trade surpluses are accumulated step by step while the pressure of capital outflow can be instantly released.
The yields already stand above their Chinese counterparts and cause capital outflow pressure on China, Shao said.
Theory and practice have shown the Fed's rate hikes can tighten global liquidity and pile the pressures of capital outflow and currency depreciation on emerging markets, keeping them from monetary easing, which could intensify such pressures.
This, in turn, will help maintain global economic momentum, reduce the capital outflow pressures facing emerging economies, including China, and create more favorable external conditions for the country's growth, they said.
Wen Bin, chief economist at China Minsheng Bank, said China's monetary policy will have greater room to support the real economy as spillover effects of the Fed's tightening fade with reduced capital outflow pressures on China.
Most market participants had not expected the central bank to launch the rate cuts as it had flagged the risk of structural inflationary pressure and its intention to fend off cross-border capital outflow risks amid overseas monetary tightening in a report last week.
Wang Qian, Asia-Pacific chief economist at the US-based Vanguard Investment Strategy Group, said the necessity for China to prevent capital outflow risks amid tightening global financial conditions also points to limited room for interest rate cuts and a greater focus on structural monetary tools.
In terms of capital flow, corporate bonds reported a net inflow of 10 billion yuan in the first half, which can be considered a positive signal if compared to the 80 billion yuan outflow during the same period of 2021.
Dong stressed that personal pension accounts are not equal to securities accounts, as the former will be closed for quite a long time, allowing only capital inflow and prohibiting any capital outflow before retirement.
From June 1 to 17, the northbound capital reported an aggregate inflow of nearly 58.7 billion yuan ($8.7 billion), which was in sharp contrast to the 45.1 billion yuan of outflow in March.
Data from the Institute of International Finance showed that $2 billion flowed into the Chinese bond market in May, during which time most emerging markets experienced foreign net capital outflow.
The number was in sharp contrast to a net outflow of 45.1 billion yuan in March, when the resurgences of COVID-19 battered the country's economy.
Chen Jia, a researcher at the Renmin University of China's International Monetary Institute, said the stability of the yuan relative to many other currencies and the country's robust inflows related to trade and foreign direct investment have combined to alleviate the capital outflow pressure brought on by a strong dollar.
But reasonable valuation levels and appealing long-term return prospects of Chinese financial assets may continue to attract long-term investors to China, rendering the pressure of capital outflow and yuan depreciation controllable, she said.
Although the Chinese yuan is experiencing mild depreciation pressure at present, no significant capital outflow will be expected in the near term.
Currently, the RMB exchange rate is relatively strong, and the temporary inversion of treasury bond yields between China and the US will neither cause capital outflow and exchange rate risks nor exert a significant constraint on China's monetary policy.
Capital outflow pressure caused by the inverted interest rate spread between China and the US is under control, Bai said, indicating the recent net outflow of funds in bonds and stock markets was largely due to rising geopolitical tensions, not the narrowing interest rate gap between China and the US.
But the overall impact has been limited, as there has been no significant capital outflow or liquidity shortage.
No capital outflow has been caused by the Russia-Ukraine crisis.
Data in the public domain showed that northbound capital－overseas capital buying into the A-share market via the stock connect mechanisms linking Shanghai, Shenzhen and Hong Kong－reported a net outflow of 45 billion yuan ($7 billion) in March, ending the net monthly inflows that began in October 2020.
The capital outflow pressure facing emerging markets could also escalate as investors seek higher yields from dollar-denominated assets, Hu said.
Rising interest rates in the US may indeed shrink the yield spread of China and US government bonds and exert capital outflow pressure on China and make the Chinese yuan less attractive against the greenback, Cheng said.
Experts said the tightening could push yields of dollar-denominated assets higher and put capital outflow pressure on many emerging markets, keeping them from monetary easing, which could intensify the outflow pressure.
Zhu Haibin, JP Morgan's chief China economist, said he expects the yuan to stay fairly stable and withstand the outflow pressure caused by a growing monetary policy divergence between China and the US.
This is because of the robustness of the Chinese economy relative to many other markets and the country's policy tools to buffer outflow pressures.
A strong yuan will be able to weather the pressure of capital outflow caused by monetary easing and expand the room for the People's Bank of China, the country's central bank, to support the economy by cutting interest rates and the reserve requirement ratio, Shao said.
Data from the Institute of International Finance showed that in December, emerging markets outside China suffered an outflow of $9.6 billion, compared with an inflow of $10.1 billion for China.
As the US Federal Reserve will accelerate its tapering by slowing the pace of asset purchases and anticipates three interest rate hikes this year, industry insiders reckon that China may face pressure from capital outflow as US assets will be more attractive to global investors given the higher interest rates.
The rate increases, once implemented, might prompt some capital flow from China to the United States for rising asset yields and limit the room for China to roll out easing policies, as they could intensify the pressure of capital outflow and yuan depreciation, experts said.
In other pilot cities in Guangdong, including Guangzhou, Zhuhai and Dongguan, net capital inflow via the northbound scheme reached about 110 million yuan before Nov 22, while net capital outflow via the southbound scheme was 98.21 million yuan, said the Guangzhou Branch of the PBOC.
"China does not face the problem as some emerging economies do that the Fed's expected tapering has imposed depreciation pressure on their currencies and necessitated interest rate hikes to prevent potential capital outflow and currency depreciation," Yao said.
Chinese monetary authorities will support Shanghai to take a lead in the free use of renminbi and explore free capital inflow and outflow and free currency exchange in Shanghai's Lingang Special Area, a central bank official said on Tuesday.
Wang said at a news conference in Beijing that the central bank will make a big push to build Shanghai into a key hub connecting the domestic and international markets, including supporting early and pilot implementation of Shanghai's free use of renminbi and further facilitating the inflow and outflow of companies' trade and investment in accordance with the principles of anti-money laundering, anti-terrorist financing and anti-tax avoidance.
Policymakers recently disclosed a blueprint regarding the next stage of capital account opening-up with a focus on enhancing capital outflow.
On March 8, the index posted its biggest daily loss of 3.47 percent since late July, while net capital outflow via stock connects with Hong Kong came in at 8.59 billion yuan ($1.32 billion), the highest level in the past year, according to market tracker Wind Info.
There was also a temporary tightening of liquidity due to the 260 billion yuan ($40 billion) capital outflow as a result of the central bank operations, as well as the drop in Kweichow Moutai share price.
Indeed, emerging market economies encountered a record short-term capital outflow amid the financial turmoil over the first quarter of the year.
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 (China) Co Ltd. Globally, the prices of risky assets and commodities started to fall at an unprecedented speed since the COVID-19 outbreak.
Investors have already withdrawn $83 billion from emerging markets since the beginning of the epidemic, the largest capital outflow ever recorded, according to the International Monetary Fund.
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