Chinese banks report net forex sales in September

Source: Xinhua| 2019-10-25 18:43:06|Editor: mingmei
Video PlayerClose

BEIJING, Oct. 25 (Xinhua) -- Chinese commercial banks continued to see net foreign exchange sales last month but the volume has narrowed from that in August, data from the country's forex regulator showed Friday.

Chinese lenders bought 162.5 billion U.S. dollars worth of foreign currencies and sold 165.9 billion dollars worth last month, resulting in net sales of 3.4 billion dollars, the State Administration of Foreign Exchange (SAFE) said in a statement.

The data narrowed from the 5.4 billion dollars deficit seen in August.

In the first three quarters, the banks recorded a net forex sales of 48.2 billion dollars, the data showed.

China's cross-border capital flows have remained basically stable in the first three quarters of 2019, with balanced supply and demand in the foreign exchange market.

Earlier data showed China's foreign exchange reserves, a similar measure of capital flow, came in at 3.0924 trillion U.S. dollars at the end of September, increasing 0.6 percent from the beginning of 2019.

China's economy registered a 6.2-percent growth year on year during the first three quarters, within the government's annual target of 6 to 6.5 percent.