CHINA Chinese banks' forex settlement deficit narrows in December

CHINA

Chinese banks' forex settlement deficit narrows in December

CGTN

07:00, January 20, 2019


c7935a9aed6444fb9e2be26318b42012.jpg

(Photo:CGTN)

China's commercial banks reported a drop in their forex settlement deficit in December, official data showed.

Forex purchases by banks stood at 1.14 trillion yuan (167.7 billion US dollars) last month, while sales reached 1.19 trillion yuan, resulting in a deficit of 48.8 billion yuan, according to data from the State Administration of Foreign Exchange (SAFE).

This narrowed from a November deficit of 124.1 billion yuan, according to SAFE data.

The Chinese banks' forex settlement deficit hit 56 billion US dollars in 2018, shrinking 50 percent from 2017.

"The figures show that cross-border capital flows remain generally stable, while forex market supply and demand are basically balanced," said SAFE spokesperson Wang Chunying.

She said the country's forex market had remained stable despite a complex environment last year and would maintain the trend in 2019.


Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue