Expansion in forex surpluses
Source: Xinhua |
May 5, 2011, Thursday
|
Print Edition
Print Edition
THE growth of Chinese banks' foreign exchange surpluses from bank-to-client transactions accelerated in March, helping to contribute to China's rapidly expanding foreign exchange reserves, according to the State Administration of Foreign Exchange in a statement on its website.
More foreign currencies were sold than bought through Chinese banks in March as the yuan continued to appreciate, resulting in US$40.9 billion of forex surplus in March, SAFE said.
The March surplus was up from US$24.9 billion in February but was still smaller than January's forex surplus of US$68.4 billion, according to the statement. Many Chinese and companies settle their foreign currency assets during the first month of the year.
China's institutional and individual clients exchanged US$135.4 billion in foreign currencies in March and made other foreign exchange transactions worth US$94.5 billion, according to SAFE.
The March data brought Chinese banks' foreign exchange surpluses for the first quarter to US$134.2 billion.
Forex surpluses, which make up part of China's foreign exchange reserves together with current account surpluses and foreign direct investment inflow, do not include banks' own forex transactions or interbank transactions, SAFE said.
In March, overseas business-related proceeds from China's domestic institutional and individual clients totaled US$188.4 billion, SAFE said.
China's forex reserves hit a historic high of US$3.04 trillion by the end of March, up an annual 24.4 percent, according to the People's Bank of China.
The gradual rise of the yuan saw many Chinese exchange their foreign currency assets for yuan.
More foreign currencies were sold than bought through Chinese banks in March as the yuan continued to appreciate, resulting in US$40.9 billion of forex surplus in March, SAFE said.
The March surplus was up from US$24.9 billion in February but was still smaller than January's forex surplus of US$68.4 billion, according to the statement. Many Chinese and companies settle their foreign currency assets during the first month of the year.
China's institutional and individual clients exchanged US$135.4 billion in foreign currencies in March and made other foreign exchange transactions worth US$94.5 billion, according to SAFE.
The March data brought Chinese banks' foreign exchange surpluses for the first quarter to US$134.2 billion.
Forex surpluses, which make up part of China's foreign exchange reserves together with current account surpluses and foreign direct investment inflow, do not include banks' own forex transactions or interbank transactions, SAFE said.
In March, overseas business-related proceeds from China's domestic institutional and individual clients totaled US$188.4 billion, SAFE said.
China's forex reserves hit a historic high of US$3.04 trillion by the end of March, up an annual 24.4 percent, according to the People's Bank of China.
The gradual rise of the yuan saw many Chinese exchange their foreign currency assets for yuan.
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