Finance

Chinese banks report forex settlement surplus in H1

China’s commercial banks saw a net forex settlement surplus of 553.1 billion yuan (about $78.6 billion) in the first half of this year, the country’s forex regulator said on Friday.

China’s commercial banks saw a net forex settlement surplus of 553.1 billion yuan (about $78.6 billion) in the first half of this year, the country’s forex regulator said on Friday.

Forex purchases by banks stood at 6.7 trillion yuan from January to June, while sales came in at 6.15 trillion yuan, data from the State Administration of Foreign Exchange (SAFE) showed.

The amount of forex settlement and sales by banks for customers stood at 5.7 trillion yuan and 5.35 trillion yuan, respectively with a settlement surplus of 349.4 billion yuan.

In June alone, commercial banks saw a net forex settlement surplus of 6 billion yuan.

Wang Chunying, Deputy Director and spokesperson of SAFE, said that the country’s cross-border capital flows are generally stable and the forex market is basically balanced in supply and demand in the first half of the year.

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