BEIJING — China's commercial banks saw a net forex settlement surplus of 19.7 billion yuan (about $3 billion) in November, the country's forex regulator said on Dec 18.

Forex purchases by banks stood at 1.16 trillion yuan last month, while sales came in at 1.14 trillion yuan, data from the State Administration of Foreign Exchange (SAFE) showed.

In the first eleven months, commercial banks saw a net forex settlement surplus of 642.5 billion yuan.

The country's forex market is operating well, with cross-border capital flows maintaining overall balance, said Wang Chunying, deputy head and spokesperson of SAFE.

Mentioning the uncertainties from the COVID-19 pandemic and external environment, Wang urged financial institutions and firms to strengthen risk management.

China's foreign exchange reserves grew to $3.1785 trillion at the end of November. The amount was up by $50.5 billion, or 1.61 percent, from the end of October, according to SAFE data.