Well-known Chinese news site Sina recently reported, based on data released by the Chinese central bank, that, in the month of March, international investors unloaded around RMB 208.4 billion (US$29.5 billion) in stocks and around RMB 20 billion (US$2.83 billion) in bonds. Starting this February, international investors began unloading Chinese assets and the March numbers showed an acceleration. Analysts pointed out that, with the expansion of the coronavirus pandemic, the lack of U.S. dollars in the international market caused a panic selling of Chinese assets. This wave of sell-out resulted in a quite obvious decline in the Chinese foreign currency reserve. The spokesperson for the Chinese State Administration of Foreign Exchange (SAFE) commented at a press conference that the global market headed downwards in the first quarter, which triggered a trend of risk aversion; it is understandable. SAFE expressed the belief that the Chinese market remains attractive, regardless of which channel (direct investment, bonds, or stocks) international investors prefer.
Source: Sina, April 30, 2020