Central bank denies measures on dollar deposit

BEIJING - The People's Bank of China (PBOC) has denied reports that commercial banks were asked to deposit all their US dollars into the central bank.

The People's Bank of China said on its Weibo account Friday evening that there were no such measures and the dollar's liquidity is normal in the banking system.

Capital outflows have remained tame in China as the currency, the yuan, has stabilized from previous depreciation.

Net foreign exchange (forex) sales by Chinese banks were down 37 percent year on year in April, and forex reserves stayed well above the $3 trillion mark after rising for a third straight month.