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Chinese Commercial Banks Book $25 Billion Forex Settlement Surplus in August

MT Newswires ·  09/16/2022 12:14

12:12 AM EDT, 09/16/2022 (MT Newswires) -- Commercial banks in China booked $25 billion in foreign exchange settlement surplus in August, reversing the deficit in the previous month, the State Administration of Foreign Exchange (SAFE) said in a release on Thursday.

SAFE did not disclose the actual deficit figure for July.

In August, forex purchases by banks reached $233.5 billion, up from $220.3 billion in July, while sales amounted to $208.4 billion, down from $221.2 billion.

China's big five commercial banks are Industrial and Commercial Bank of China (SHA:601398, HKG:1398), China Construction Bank (SHA:601939, HKG:0939), Agricultural Bank of China (SHA:601288, HKG:1288), Bank of China (SHA:601988, HKG:3988) and Bank of Communications (SHA:601328, HKG:3328).

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