Chinese banks' forex surplus hits 26 bln USD in Sept.
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Xinhua, October 31, 2011
China's foreign exchange regulator said Monday that the total surplus of Chinese banks' foreign exchange from bank-to-client transactions reached 26 billion U.S. dollars in September.
In September, institutional and individual clients sold 142.6 billion U.S. dollars in foreign currencies to banks while purchasing 116.6 billion U.S. dollars, the State Administration of Foreign Exchange (SAFE) said in an online statement.
From January to September, more foreign currencies were sold than purchased through Chinese banks, resulting in 380.7 billion U.S. dollars of foreign exchange surplus during the period, the statement said.
Foreign exchange surpluses, which make up part of China's foreign exchange reserves along with current account surpluses and foreign direct investment inflow, do not include banks' own foreign exchange transactions or interbank transactions, according to the SAFE.
Last year, foreign exchange surpluses made through Chinese banks' transactions with domestic clients increased 51 percent year on year to reach 397.7 billion U.S. dollars, SAFE data showed.
