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Xinhua Silk Road
Economy

China's appetite for foreign exchange expands

March 20, 2018


Abstract : China's February deficit in foreign exchange transactions rose from the amount registered in January.

外汇

BEIJING, Mar. 20 (Xinhua) -- China's February deficit in foreign exchange transactions rose from the amount registered in January.

Forex purchases by banks stood at 124.2 billion U.S. dollars, while sales stood at 132.5 billion dollars in February, a transaction deficit of 8.2 billion dollars, up from 900 million dollars in January, according to the State Administration of Foreign Exchange (SAFE).

"Domestic forex supply and demand stood generally balanced last month," the SAFE said in a statement.

In the first two months, Chinese banks bought 279.8 billion dollars of foreign currency and sold 288.9 billion dollars.

Fluctuation in foreign exchange transactions is the main contributor to changes in China's foreign exchange reserves.

Reserves came in at 3.1 trillion dollars in February, down 27 billion dollars from January.

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Keyword: foreign-exchange China-foreign-reserve

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