Fri­day Banks' net forex sales nearly halved in Oc­to­ber

China Daily (USA) - - NEWS CAPSULE -

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.

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