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Chinese banks' forex sales rise mildly in March
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Chinese banks saw US$36.4 billion of net foreign exchange sales in March, up slightly from February but still markedly lower than the previous two months, official data showed Thursday.
Chinese lenders bought US$117.7 billion worth of foreign currency last month and sold 154 billion dollars, the State Administration of Foreign Exchange (SAFE) said in a statement.
The data marks the ninth-straight month of deficit and was higher than the 33.9 billion dollars recorded in February. However, it has narrowed from the US$54.4 billion seen in January and US$89.4 billion in December.
The figures shows that the pressure of cross-border capital outflows has been gradually eased, SAFE spokesperson Wang Chunying told a press conference on Thursday.
In the first quarter, banks registered US$124.8 billion of net forex sales, according to the SAFE.
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