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Chinese Banks Gain Surplus In Forex Trade
By Feng Jianmin |
September 29, 2011, Thursday
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Print Edition
Print Edition
OFFICIAL data released yesterday showed that demand from bank clients for foreign currencies declined in August, according to the State Administration of Foreign Exchange.
Chinese banks bought US$144.4 billion of foreign currencies and sold US$106.5 billion for their clients in August, SAFE said on its website, resulting in a foreign exchange surplus of US$37.8 billion for the banks last month. The surplus was 12.5 percent lower than July's.
The surplus is one of the main sources for China's rising foreign exchange reserves, which are already more than US$3 trillion - the world's largest.
Chinese banks bought US$144.4 billion of foreign currencies and sold US$106.5 billion for their clients in August, SAFE said on its website, resulting in a foreign exchange surplus of US$37.8 billion for the banks last month. The surplus was 12.5 percent lower than July's.
The surplus is one of the main sources for China's rising foreign exchange reserves, which are already more than US$3 trillion - the world's largest.
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