China Business Blog - Aggregated China Business Blogs
Aggregated China Business Blogs
8th straight month of forex surplus
Aggregated Source: Shanghai Daily: Business

CHINESE banks bought more foreign currency from clients than they sold in April as the market expects the yuan to continue to appreciate, according to a report from China's foreign exchange regulator yesterday.

Individuals and institutions exchanged US$134 billion in foreign currency for yuan through Chinese banks while buying US$99.7 billion in April, said the State Administration of Foreign Exchange. The surplus of US$34.3 billion, though lower than that in the previous month, marked the eighth straight month for Chinese lenders to see a forex surplus in bank-to-client transactions.

Original URL: Click here to visit original article
Copyright Shanghai Daily: Business