Banks’ net forex sales halved in Oc­to­ber

China Daily (USA) - - BUSINESS -

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 showed. Chi­nese lenders bought $107.9 bil­lion worth of for­eign cur­rency in Oc­to­ber and sold $122.5 bil­lion, re­sult­ing in a 49-per­cent month-on-month de­cline in net forex sales, ac­cord­ing to data from the State Ad­min­is­tra­tion of For­eign Ex­change. Non-bank com­pa­nies and in­di­vid­u­als con­trib­uted $10.2 bil­lion of the net forex sales, down 62 per­cent from Septem­ber.

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