Banks see forex surplus in Nov
Updated: 2013-12-17 11:02
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Large Medium Small- Chinese banks purchased forex worth $164.7 billion?last month while selling $128.1 billion, a surplus of $36.6 billion.
It marked the fourth month of surplus since August, after a deficit in June and July, according to the State Administration of Foreign Exchange.
Analysts attributed the surplus to growth of the economy, appreciation of Renminbi and delay of the US Federal Reserve's tapering off of quantitative easing (QE3).
Foreign exchange transactions are a major cause of fluctuation in 皇冠体育app's foreign exchange reserves, and the November surplus indicates a slowing outflow of foreign capital.
In the January-November period, forex purchases stood at $1.7 trillion, with sales of $1.46 trillion, a surplus of $239.2 billion.