Chinese banks see net forex sales in October

Source: Xinhua | 2019-11-20

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 Tuesday.

Chinese lenders bought 138 billion U.S. dollars worth of foreign currencies and sold 142.4 billion dollars worth in October, the State Administration of Foreign Exchange (SAFE) said in a statement.

The reading resulted in net sales of 4.4 billion dollars, narrowing from the average deficit seen in the first nine months of the year.

In the first ten months, the banks recorded a net forex sales of 52.6 billion dollars, the data showed.