Forex trade deficit for 3rd month
Print Edition
CHINA suffered a third straight month of deficit in foreign exchange trading as the country’s growing appetite for foreign currency expands, according to new data published yesterday.
Chinese banks bought 841.4 billion yuan (US$137 billion) in foreign exchange, while sales totaled 1.01 trillion yuan in October, according to data from the State Administration of Foreign Exchange.
The banks posted a transaction deficit of 167.3 billion yuan, up from 100.6 billion yuan in September and 5.1 billion yuan in August when Chinese banks posted their first monthly net forex purchases in 13 months.
In the first 10 months, Chinese banks bought 9.61 trillion yuan in foreign currency and sold 8.72 trillion yuan, giving a net forex purchase of 886.7 billion yuan.
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