Chinese banks sold a net $14.9 billion of foreign exchange in April, up from $11.6 billion a month earlier, the country’s forex regulator said Wednesday.
Pressure to move money out of China has eased recently, helped by a weaker U.S. dollar and tighter capital controls.
The volume of offshore financing by Chinese companies rose last month, while foreign-exchange purchases by individuals fell, the State Administration of Foreign Exchange said in a statement.
The regulator said the improvement in China’s economic growth and the opening of financial markets have helped to stabilize cross-border capital flows.
China’s forex reserves rose for the third straight month in April, suggesting that Beijing has gotten a break from dipping into its currency pile to prop up the yuan.
(China) Banks’ net forex sales slightly up in April
(China) Banks’ net forex sales slightly up in April Business | May 17, 18:35 FacebooktwitterEmailFontFont × Email to Friend (China) Banks’ net forex sales slightly up in April Net foreign exchange (forex) sales by Chinese banks rose slightly in April while capital outflow remained tame, official data showed Wednesday.
The deficit was up from March’s 12 billion dollars and February’s 10 billion dollars, but lower than the 19 billion dollars in January.
In the January-April period, banks’ net forex sales stood at 56 billion U.S. dollars, up from 41 billion U.S. dollars in the first quarter.
Your Name: Your Email: Your Friend’s Email: Message: * Captcha RefreshNet foreign exchange (forex) sales by Chinese banks rose slightly in April while capital outflow remained tame, official data showed Wednesday.
Banks bought 121 billion U.S. dollars worth of foreign currencies and sold 136 billion dollars, resulting in net sales of 15 billion dollars last month, down 37 percent year on year, according to the State Administration of Foreign Exchange (SAFE).
China banks’ net forex sales rise to 3-month high
ReutersUPDATE 1-China banks’ net forex sales rise to 3-month high in April(Adds details) * April net forex sales at $14.9 bln, vs $11.6 bln in March * Jan-April net sales total $55.8 billion * Forex regulator: April capital flows maintained good momentum BEIJING, May 17 (Reuters) – Net foreign exchange sales by China’s commercial banks rose to their highest level in three months in April, but capital outflows remained under control due to tighter regulatory scrutiny.
For the January to April period, net forex sales stood at $55.8 billion, it added.
Commercial banks sold a net $14.9 billion of foreign exchange in April – the highest since January, compared with a net sale of $11.6 billion in March, the State Administration of Foreign Exchange said on Wednesday.
[nL4N1IH2SO] China’s foreign exchange reserves rose in April for a third straight month, as capital controls and the weakening of the dollar helped staunch capital outflows.
China has tightened rules on moving capital outside the country in recent months as it seeks to support the yuan <CNY=CFXS> and stem a slide in its foreign exchange reserves.