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China banks report $800mln forex deficit

12-29-2011 10:23 BJT

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And some fresh forex figures from the State Administration of Foreign Exchange. Chinese banks bought nearly 128.9 billion U.S. dollars over their counters last month, but sold 129.7 billion dollars. The 800 million deficit is the first, since the release of monthly data in January 2010.

In October, net foreign exchange purchases by Chinese banks plunged to just over three billion dollars. That’s down from September’s 26 billion dollars. Banks’ over-the-counter forex transactions have contributed to China’s huge reserve expansion in recent years.

Exporters and investors have been selling dollars to banks, which in turn sell most of those dollars to the central bank via the interbank market. China has foreign reserves of about 3.2 trillion U.S. dollars, the biggest in the world.

 

 

Editor:Zhang Rui |Source: CNTV.CN

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