BEIJING — China’s commercial banks saw a net forex settlement surplus of 81.8 billion yuan (around $12.1 billion) in January, official data showed.

This marks the first surplus in seven months, compared with a forex settlement deficit of 48.8 billion yuan in December, according to data from the State Administration of Foreign Exchange (SAFE).

Forex purchases by banks stood at 1.23 trillion yuan last month, while sales reached 1.15 trillion yuan, resulting in a surplus of 81.8 billion yuan.

The Chinese banks’ forex settlement deficit hit $56 billion in 2018, shrinking 50 percent from 2017.

The forex market supply and demand were basically balanced in January, with prices of major financial assets going up, said SAFE spokesperson Wang Chunying.

“This year’s macro-regulation focuses on counter-cyclical adjustments, and the country continues to adopt a proactive fiscal policy and prudent monetary policy, which further boosted confidence in the markets and helped stabilize the forex market,” Wang noted.

China’s economy is expected to run within a proper range, as the country will deepen supply-side structural reforms and continue to promote all-round opening-up, she said, adding that “this will lay the ground for a stable forex market.”