1. China commercial banks’ net forex sales stable at $12.8 bln in June

China commercial banks’ net forex sales stable at $12.8 bln in June

China's commercial banks sold a net $12.8 billion worth of foreign exchange in June

By: | Beijing | Published: July 21, 2016 9:45 AM
China's central bank sold a net 97.7 billion yuan worth of foreign exchange in June, earlier data showed, up from net sales of 53.7 billion yuan in May. (Reuters) China’s central bank sold a net 97.7 billion yuan worth of foreign exchange in June, earlier data showed, up from net sales of 53.7 billion yuan in May. (Reuters)

China’s commercial banks sold a net $12.8 billion worth of foreign exchange in June, versus net sales of $12.5 billion in May, the foreign exchange regulator said on Thursday.

Net forex sales totaled $173.8 billion in the first half of the year, the State Administration of Foreign Exchange said at a news conference.

The People’s Bank of China last week reported its June forex sales were the highest in three months as the central bank sought to shield the yuan from market volatility caused by Britain’s decision to leave the European Union.

State Administration of Foreign Exchange (SAFE) spokeswoman Wang Chunying said on Thursday that cross-border capital outflows were easing.

China’s central bank sold a net 97.7 billion yuan worth of foreign exchange in June, earlier data showed, up from net sales of 53.7 billion yuan in May.

The yuan slipped below 6.7 per dollar for the first time since late 2010 on Monday and has fallen 3 percent versus the dollar this year.

China’s current account surplus was equivalent to 1.6 percent of GDP in the first half of the year, SAFE said on Thursday.

  1. No Comments.

Go to Top