News & Reports News Year 2012 February ,2012 Chinese sold more forex via banks

Chinese sold more forex via banks

CHINESE people sold more foreign currencies than they bought through Chinese banks in January, ending a two-month period of net purchase and generating a US$19.4-billion foreign exchange surplus in banks for the month, the country's foreign exchange regulator said yesterday.

Chinese institutional and individual clients exchanged US$123.6 billion in foreign currencies for yuan in January, and bought US$104.2 billion in foreign exchange from banks, according to a statement by the State Administration of Foreign Exchange on its website.

Compared with deficits in the last two consecutive months, banks' January foreign exchange surplus came as a result of the tradition that Chinese people and firms tend to settle their foreign currency assets during the first month of the year.

In January, Chinese banks also bought a net of US$3.4 billion in foreign exchange from customers via over-the-counter transactions.

The overseas business-related proceeds of China's domestic institutional and individual clients via banks totaled US$183.2 billion.

Last Updated (Wednesday, 29 February 2012 11:32)