Chinese banks' net forex sales rise in July
Updated: 2016-08-16 16:56
(Xinhua)
|
|||||||||
BEIJING - Chinese banks saw their net foreign exchange sales jump by nearly 150 percent from June to $31.7 billion in July, official data showed Tuesday.
Chinese lenders bought $111.3 billion worth of foreign currency last month and sold $143 billion, the State Administration of Foreign Exchange (SAFE) said in a statement.
The amount of net sales in July was higher than $12.8 billion in June, $12.5 billion in May and $23.7 billion in April, but lower than $36.4 billion in March.
A SAFE spokesperson attributed the increase to the short-term impact of Brexit and seasonal factors, calling it a fluctuation "within the normal range."
Brexit, Britain's vote to leave the European Union, in late June led to depreciation of the yuan against the dollar and resulted in more market demand for forex in the beginning of July, a separate SAFE statement quoted the spokesperson as saying.
That impact has moderated and is controllable, according to the statement.
It also noted that forex demand in July is typically higher than other months as many foreign companies in China remit profits overseas in July, which is also the high season for overseas travels.
Despite the monthly rise, the forex market remains calm, the spokesperson said, predicting stable and more balanced capital flow in the longer-term.
Related Stories
Capital flight eases in first half of year 2016-07-22 10:03
Less market anticipation for yuan weakening: Report 2016-06-21 15:00
China's FX reform steadiness tempers yuan devaluation risk 2016-06-03 09:53
Chinese lenders' profit growth slows down 2016-08-11 09:32
Regulation of WMPs to tighten 2016-07-30 08:50
Today's Top News
Trump proposes extreme vetting for immigrants
UK Minister for Asia makes first visit to China
Turkey repeats ultimatum over EU visa rules
Chinese aviatrix bids to fly solo round the world
Xi to attend, chair G20 summit in Hangzhou
Chinese investment in European football
Myanmar's Suu Kyi to visit Beijing
Ukraine denies attempted troop invasion of Crimea
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Hollywood snaps up rock star's dog film |
Chinese people welcome dispossessed |
The can-do generation to the fore |
Riding the wave |
Leisure giants buoy cruise market |
She followed her heart |