Beijing, China - April 20, 2017
1. Press conference held by State Council Information Office in progress
2. SOUNDBITE (Chinese) Wang Chunying, spokesperson for State Administration of Foreign Exchange (SAFE):
"The data released just now shows that China's cross-border capital outflows have moderated significantly since the beginning of this year. Forex supply and demand remained balanced. This indicates that China's cross-border capital flows is gradually heading for equilibrium."

FILE: Beijing, China - Date Unknown
3. SAFE building
4. Bank of China headquarters
5. Sign of Bank of China
6. Customers at bank counter

Beijing, China - April 20, 2017
7. SOUNDBITE (Chinese) Wang Chunying, spokesperson for State Administration of Foreign Exchange (SAFE) (partially overlaid with shots 8-9):
"On the other hand, the external environment and the exchange rate of the U.S. dollar remained stable in the first quarter. And the exchange of yuan has been stable since the beginning of this year. We predict that the yuan will remain stable this year and will fluctuate both ways against the dollar."

FILE: Beijing, China - Date Unknown
++ SHOTS OVERLAYING SOUNDBITE ++
8. Bundles of Chinese yuan, U.S. dollar banknotes on table
9. Chinese yuan banknotes going through cash counting machine
++ SHOTS OVERLAYING SOUNDBITE ++
10. Bank clerk at work
11. Chinese yuan banknotes being counted by machine
12. Various of bank clerk counting U.S. dollar banknotes

China's cross-border capital flows became more balanced in the first quarter of 2017, with capital outflows easing significantly, according to the State Administration of Foreign Exchange (SAFE).

Data released Thursday by the SAFE shows that net foreign exchange (forex) sales deficits in banks stood at 40.9 billion U.S. dollars in the first quarter of this year, down 67 percent year on year.

Meanwhile, foreign currency deposits made by domestic individuals increased 300 million U.S. dollars in the first quarter, a decline of 11.2 billion U.S. dollars in growth from a year ago.

"The data released just now shows that China's cross-border capital outflows have moderated significantly since the beginning of this year. Forex supply and demand remained balanced. This indicates that China's cross-border capital flows is gradually heading for equilibrium," said Wang Chunying, spokesperson for the SAFE, at a press conference Thursday.

Wang pointed out that the improvement in cross-border capital flows in the first quarter is closely related to the changes of the market environment.

On the one hand, she said, the steady growth of the Chinese economy has boosted market confidence.

"On the other hand, the external environment and the exchange rate of the U.S. dollar remained stable in the first quarter. And the exchange of yuan has been stable since the beginning of this year. We predict that the yuan will remain stable this year and will fluctuate both ways against the dollar," said Wang.