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Chinese appetite for foreign currency grows
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China's appetite for foreign currency increased in September, leading to a widening deficit in foreign exchange transactions among banks, the country's top foreign exchange regulator said Thursday.
Chinese institutions and individuals bought US$179.3 billion in foreign currency and sold US$163 billion in exchange for 1.1 trillion yuan in September, according to data from the State Administration of Foreign Exchange (SAFE).
As a result, the banks' forex transaction deficit more than doubled to US$16.3 billion from that in August, when Chinese banks posted their first monthly net foreign exchange purchase in 13 months.
In the first nine months, Chinese sold US$1.43 trillion of foreign currency in exchange for 8.78 trillion yuan while buying US$1.25 trillion in foreign currency, resulting in net foreign exchange sales of US$172.3 billion.
The fluctuation in forex transactions contributed to changes in China's foreign reserves.
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