Chinese banks see $8.3 billion forex surplus in August

Last Updated: Tuesday, September 17, 2013 - 11:58

Beijing: Chinese banks bought more foreign currency than they sold in August hinting at a slowing down of outflow of foreign capital from China.

The country's banks returned to a surplus in forex transactions after recording a deficit for two months in June and July, according to the State Administration of Foreign Exchange.

Banks purchased forex worth USD 147.9 billion last month while selling a total of USD 139. 5 billion, creating a surplus of USD 8.3 billion.

Foreign exchange transactions are a major cause of fluctuation in China's foreign exchange reserves and the August surplus indicates a slowing outflow of foreign capital, official media here said.

In the January-August period, forex purchases stood at USD 1.21 trillion, with sales of USD 1.07 trillion, a surplus of USD 139.8 billion.

China's overall foreign exchange reserves were stated to be around USD 3.3 trillion.

PTI

First Published: Tuesday, September 17, 2013 - 11:58

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