A view of the city skyline, ahead of the annual National People's Congress , in Shanghai, China on Feb 24, 2022. SHANGHAI: China recorded its first-ever quarterly deficit in foreign direct investment , according to the 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.
Latest data shows that the onshore volume of yuan trading against the dollar slumped to a record low of 1.85 trillion yuan in October, a 73 per cent drop from the August level.
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