Chinese banks see net forex sales in October

BEIJING (Xinhua) – Chinese commercial banks continued to see net foreign exchange sales last month but with a narrower deficit, data from the country’s forex regulator showed on Tuesday.

Chinese lenders bought USD138 billion worth of foreign currencies and sold USD142.4 billion worth in October, the State Administration of Foreign Exchange (SAFE) said in a statement.

The reading resulted in net sales of USD4.4 billion, narrowing from the average deficit seen in the first nine months of the year.

In the first 10 months, the banks recorded a net forex sales of USD52.6 billion, the data showed.