The People's Bank of China says its net forex sales continued to decline in July.

The central bank reported Sunday that its yuan funds outstanding for foreign exchange fell 190.5 billion yuan to 23.4 trillion yuan in July. The slip was more than June's 97.7 billion yuan drop and the ninth consecutive monthly decline.

Analysts say concerns about capital outflows have been rising as the Chinese economy slows, and the yuan  has fallen since China revamped its forex rate formation mechanism last year.