China's banks post huge surplus in forex dealings

09:42, December 27, 2010      

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The surplus of Chinese banks' foreign exchange purchases over sales in client dealings in November totaled US$45.3 billion, the State Administration of Foreign Exchange said.

Chinese banks' foreign exchange surplus last month was the second-highest monthly glut recorded this year, just behind October's US$57.6 billion.

In November, Chinese institutional and individual clients sold US$129.7 billion
of foreign exchanges to banks, while purchasing US$84.4 billion, a statement on the SAFE website said.

The figure contributed partly to changes in China's foreign exchange reserves but did not include banks' own foreign exchange transactions and inter-bank transactions.

China's foreign exchange reserves rose 16.5 percent year on year in the third quarter to US$2.64 trillion. Some analysts put the year-end foreign reserve well surpassing US$2.8 trillion, thanking to increasing inflows of overseas so-called "hot money" to China.

People's Daily Online / Xinhua

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