BUSINESS Chinese banks see net forex sales in July

BUSINESS

Chinese banks see net forex sales in July

CGTN

07:23, August 18, 2018

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(Photo: CGTN)

Chinese commercial banks saw net foreign exchange sales in July and cross-border capital flows have remained basically stable, the country's forex regulator said Friday.

Chinese lenders bought 168.3 billion US dollars' worth of foreign currencies and sold 177.6 billion dollars' worth last month, resulting in net sales of 9.4 billion US dollars, the State Administration of Foreign Exchange (SAFE) said in a statement.

In the first seven months, the banks recorded a net forex purchase of 4.4 billion US dollars.

The SAFE said supply and demand in China's foreign exchange market had remained generally stable, with rational and orderly transactions of market entities.

Earlier data showed China's foreign exchange reserves rose 5.8 billion US dollars, or 0.19 percent, from a month earlier to 3.1179 trillion US dollars at the end of July.

Despite increasing fluctuations in the international financial market, the Chinese economy has maintained a stable trend, offering fundamental support for the forex market, the SAFE said.

Meanwhile, China has stood firm in reform and opening-up, and with the steady advance of related polices and an improving management framework on capital flows, China will see further resilience in the forex market.

China's economy expanded 6.8 percent year-on-year in the first half of 2018, well above the government's annual growth target of around 6.5 percent.

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