China sees more demand for foreign exchange in July

Chinese banks' net foreign exchange sales surged nearly 150 percent month-on-month in July, the government said on Tuesday, suggesting strong demand for hard currency as the country's yuan weakens. Funds have flowed out of China in recent months as its economy has slowed, adding to downward pressure on its currency and making yuan-denominated assets less attractive to hold. Britain's vote to leave the European Union has heightened global uncertainty and prompted a flight to the US dollar, puttin