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China's Commercial Banks Bought $23.8 Billion of Forex in May

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06/19/2020 | 05:45am EDT

BEIJING--China's commercial banks purchased a net $23.8 billion worth of foreign exchange in May, up from a net purchase of $14.8 billion in April, official data showed Friday.

The State Administration of Foreign Exchange said Chinese banks purchased a net $77.7 billion worth of forex in the first five months of the year.

Wang Chunying, a spokeswoman with SAFE, said in a statement that demand and supply of the forex market are largely balanced and purchases rose 61% from the prior month.

The nonbank sector maintained a small net inflow of cross-border capital and the scale of forex reserves has increased slightly, Ms. Wang said.

 

Write to Singapore Editors at singaporeeditors@dowjones.com

 

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