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China Commercial Banks Purchased $14.2 Billion of Forex in February

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03/20/2020 | 04:14am EDT

BEIJING--China's commercial banks bought $14.2 billion of foreign exchange in February, up from $6.4 billion purchased in January, the State Administration of Foreign Exchange said Friday.

In the first two months of the year, the country's commercial banks purchased a total of $20.6 billion of foreign exchange, reflecting stable cross-border capital flows, SAFE said.

The regulator said production and business in China has gradually recovered and yuan-denominated assets are still attractive globally, which could help underpin the foreign-exchange market.

 

--Grace Zhu

 

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