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Banks increase foreign exchange purchases
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Chinese banks bought more foreign exchange than it sold in the first quarter despite the yuan's depreciation.
The net purchase of foreign exchange by banks in China reached US$159.2 billion in the first quarter, 57 percent more than the same period last year, the State Administration of Foreign Exchange said in a statement today.
The surplus dropped from US$73.3 billion in January and US$45.7 in February to US$40.2 billion in March, the statement said.
Guan Tao, the administration's international balance department head, said the figures showed capital inflows were more balanced.
The yuan touched 6.2466 against the US dollar yesterday, its weakest since December 14, 2012. The currency has declined 2.9 percent this year.
A UBS report released on Wednesday said the yuan is no longer undervalued, but China's sizable trade surplus, continuous foreign direct investment inflow, and positive interest rate difference means further depreciation is unlikely.
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