Net buying of forex declines in October
By Feng Jianmin |
November 17, 2012, Saturday
|
Print Edition
Print Edition
Chinese financial institutions bought less foreign exchange in October as they were uncertain about the yuan's outlook.
China's commercial banks and the central bank purchased a net 21.6 billion yuan (US$3.5 billion) in foreign exchange in October, less than September's 130.7 billion yuan net purchase, data from the People's Bank of China showed yesterday.
"Considering last month's larger trade surplus, the decline in net purchase showed that individuals and companies are still reluctant to sell their foreign currencies," said Lian Ping, chief economist at the Bank of Communications.
He attributed the situation to the institutions' concern over the "unpredictable" future trend of the yuan although it has risen against the US dollar.
China's trade surplus rose to US$32 billion in October from US$27.7 billion in September, customs data showed earlier. A wide trade glut means a greater need by exporters to sell foreign currencies.
The yuan rose 0.15 percent this week to 6.2356 per dollar in Shanghai, the China Foreign Exchange Trade System said.
China's commercial banks and the central bank purchased a net 21.6 billion yuan (US$3.5 billion) in foreign exchange in October, less than September's 130.7 billion yuan net purchase, data from the People's Bank of China showed yesterday.
"Considering last month's larger trade surplus, the decline in net purchase showed that individuals and companies are still reluctant to sell their foreign currencies," said Lian Ping, chief economist at the Bank of Communications.
He attributed the situation to the institutions' concern over the "unpredictable" future trend of the yuan although it has risen against the US dollar.
China's trade surplus rose to US$32 billion in October from US$27.7 billion in September, customs data showed earlier. A wide trade glut means a greater need by exporters to sell foreign currencies.
The yuan rose 0.15 percent this week to 6.2356 per dollar in Shanghai, the China Foreign Exchange Trade System said.
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