Chinese banks log forex settlement surplus in January
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E-mail Xinhua, February 16, 2023
A staff member counts bank notes in a bank in Linfen, north China's Shanxi Province. [Photo/Xinhua]
China's banks saw a net forex settlement surplus of 2.5 billion U.S. dollars in January, according to the country's forex regulator.
Forex purchases by banks totaled 175.3 billion dollars and sales hit 172.8 billion dollars, data from the State Administration of Foreign Exchange (SAFE) showed.
"Overall, China's forex market got off to a good start in 2023, with steady expectations from market entities and rational and orderly trading," said Wang Chunying, deputy director and spokesperson of SAFE.
In January, foreign trade in goods registered a surplus of 38.7 billion U.S. dollars, up 9 percent over the previous month, SAFE data showed.
Wang noted that overseas capital is actively participating in the stock market on the Chinese mainland, as the country's economic recovery takes hold under optimized COVID-19 response and pro-growth policy measures.
Net equities purchased by overseas investors hit a single-month record of 27.7 billion U.S. dollars in January, the data showed.
China's forex market will soon have a better foundation and more conditions to maintain steady operations as the appeal of Chinese yuan assets strengthens, backed by sound long-term economic fundamentals, Wang said.
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