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Chinese banks log forex settlement surplus in October

Updated: Nov 20,2020 08:07 PM    Xinhua

BEIJING — China's commercial banks saw a net forex settlement surplus of 87.1 billion yuan (about $13.24 billion) in October, the country's forex regulator said on Nov 20.

Forex purchases by banks stood at 1.03 trillion yuan last month, while sales came in at 940.8 billion yuan, data from the State Administration of Foreign Exchange (SAFE) showed.

In the first ten months, commercial banks saw a net forex settlement surplus of 622.8 billion yuan.

In October, China's forex market maintained relatively stable operation, with the outlook of yuan's exchange rate keeping steady, said Wang Chunying, deputy head and spokesperson of SAFE.

Two-way opening-up of the financial market will likely be steadily pushed forward, which is conducive to keeping cross-border capital flows at a reasonable and balanced level, said Wang.

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