Friday Banks' net forex sales nearly halved in October
Chinese banks saw combined net foreign exchange sales of $14.6 billion in October, sharply down from September, as capital flight pressure eased last month, official data shows.
Chinese lenders bought $107.9 billion worth of foreign currency in October and sold $122.5 billion, resulting in a 49 percent month-onmonth decline in net forex sales, according to data from the State Administration of Foreign Exchange (SAFE).
Non- bank companies and individuals contributed $10.2 billion of the net forex sales, down 62 percent from September.
A SAFE statement said October saw less capital outflow pressure, citing such factors as reduced seasonal demand for forex purchases, increased overseas investment in the domestic bond market and a larger trade surplus.