BUSINESS Chinese banks report forex settlement surplus in April

BUSINESS

Chinese banks report forex settlement surplus in April

Xinhua

21:58, May 22, 2020

BEIJING, May 22 (Xinhua) -- China's commercial banks saw a net forex settlement surplus of 104.7 billion yuan (about 14.8 billion U.S. dollars) in April, the country's forex regulator said on Friday.

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Photo: Xinhua

Forex purchases by banks stood at 1.11 trillion yuan in April, while sales reached 1 trillion yuan, data from the State Administration of Foreign Exchange showed.

In particular, the amount of forex settlement and sales by banks for customers stood at 974.4 billion yuan and 889.5 billion yuan respectively, with a settlement surplus of 84.9 billion yuan.

The amount of foreign exchange settlement and sales for banks themselves stood at 137.1 billion yuan and 117.3 billion yuan respectively, with a settlement surplus of 19.8 billion yuan.

In the first four months, commercial banks saw a net forex settlement surplus of 377.7 billion yuan.

The forex market is basically balanced in supply and demand, and the size of forex reserves is stable on the whole, said Wang Chunying, SAFE spokesperson and chief economist.

The size of foreign exchange reserves increased steadily in China, as the forex reserves expanded to 3.09 trillion U.S. dollars at the end of April. This represents an increase of 30.8 billion U.S. dollars from that at the end of March, she said.

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