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May 21, 2019

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Net forex settlement by banks hits US$11b

CHINA’S commercial banks saw a net forex settlement deficit of 73.7 billion yuan (US$11 billion) in April, the country’s forex regulator said yesterday.

This widened from a deficit of 41.2 billion yuan reported in March, but was smaller than a deficit of 101.3 billion yuan in February, according to the State Administration of Foreign Exchange.

China’s commercial banks saw a net forex settlement surplus of 81.8 billion yuan in January. Forex purchases by banks stood at 1.02 trillion yuan last month, while sales reached 1.09 trillion yuan.

China reported a forex settlement deficit of 134.4 billion yuan during the first four months, widening from a deficit of 60.7 billion yuan during the first quarter.

SAFE spokesperson Wang Chunying said last month that she saw increased stability in the country’s forex market. The foundation for a stable forex market remains sound, because of factors such as stable market sentiment, great resilience and potential of the economy, Wang said.


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