Chinese banks log forex settlement surplus in July

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Beijing

China’s commercial banks saw a net forex settle-ment surplus of 63.2 billion yuan (about 9.73 billion U.S. dollars) in July, the country’s forex regulator said Friday.

Forex purchases by banks stood at 1.39 trillion yuan, while sales reached nearly 1.33 trillion yuan, data from the State Administration of Foreign Ex-change (SAFE) showed.

In the first seven months of the year, China’s com-mercial banks reported a net forex settlement sur-plus of 939.2 billion yuan.

Supply and demand in China’s foreign exchange market were generally balanced in July, said Wang Chunying, deputy director and spokesperson of SAFE.

In July, the country continued to see a surplus in cross-border trade in goods, and the net inflow of foreign direct investment in China remained high.— Xinhua

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