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Forex trading yields banks huge surplus
Source: Xinhua |
September 15, 2010, Wednesday
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Print Edition
Print Edition
THE surplus of Chinese banks' foreign exchange purchases to sales in transactions with clients totaled nearly US$27 billion in July, according to data released by the State Administration of Foreign Exchange yesterday.
In July, China's institutional and individual clients sold US$114.2 billion of foreign exchange to banks while purchases by clients from banks were US$87.6 billion, giving a surplus of US$26.6 billion, the SAFE said in a statement on its website.
The figure did not include the larger amount from the banks' own forex transactions and interbank trading, according to the statement.
In the second quarter, the banks made a surplus of US$66.5 billion in their forex purchases to sales in client transactions, compared with US$92.7 billion in the first quarter.
SAFE only started releasing monthly and quarterly data on bank forex transactions this year. In 2009, the annual surplus fell 42 percent to US$263.5 billion, according to its data released in March.
In July, China's institutional and individual clients sold US$114.2 billion of foreign exchange to banks while purchases by clients from banks were US$87.6 billion, giving a surplus of US$26.6 billion, the SAFE said in a statement on its website.
The figure did not include the larger amount from the banks' own forex transactions and interbank trading, according to the statement.
In the second quarter, the banks made a surplus of US$66.5 billion in their forex purchases to sales in client transactions, compared with US$92.7 billion in the first quarter.
SAFE only started releasing monthly and quarterly data on bank forex transactions this year. In 2009, the annual surplus fell 42 percent to US$263.5 billion, according to its data released in March.
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