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Chinese banks log forex settlement surplus in January

Updated: Feb 20,2021 08:21 PM    Xinhua

BEIJING — China's commercial banks saw a net forex settlement surplus of 264.4 billion yuan (about $40.8 billion) in January, the country's forex regulator said on Feb 20.

Forex purchases by banks stood at 1.29 trillion yuan last month, while sales came in at around 1.03 trillion yuan, data from the State Administration of Foreign Exchange (SAFE) showed.

The country's forex market was generally stable last month, said Wang Chunying, deputy director and spokesperson of SAFE, noting that sustained and steady domestic economic recovery and the two-way opening-up of the financial market have led to more active cross-border capital flows.

Looking ahead, China's forex market is expected to maintain steady operations, as the foundation for the country's sustained and healthy economic development remains unchanged despite a complex external environment and uncertainties in global economic recovery, said Wang.

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