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November 17, 2016

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October’s Net Forex Sales Decline Sharply

CHINESE banks saw combined net foreign exchange sales of US$14.6 billion in October, sharply down from September, as capital flight pressure eased last month, official data showed yesterday.

Chinese lenders bought US$107.9 billion worth of foreign currencies in October and sold US$122.5 billion, resulting in a 49 percent month-on-month decline in net forex sales, according to data from the State Administration of Foreign Exchange.

Non-bank companies and individuals contributed US$10.2 billion of the net forex sales, down 62 percent from September.

A SAFE statement said October saw capital outflow pressure ease, citing such factors as reduced seasonal demand for forex purchases, increased overseas investment in the domestic bond market and a larger trade surplus.

China’s foreign trade surplus rose 17 percent month on month to US$49.1 billion in October.

As China’s economy has further stabilized in recent months and its structure continues to improve, cross-border capital flows will remain stable in the medium and long term, the statement said.

China’s manufacturing sector grew at its fastest pace in over two years in October, while fixed-asset investment rose 8.3 percent year on year in the first 10 months, above market hopes of 8.2 percent.


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