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Chinese banks' net forex sales drop in May

Xinhua, June 20, 2016 Adjust font size:

Chinese banks saw 12.5 billion U.S. dollars of net foreign exchange transactions in May, down 47 percent from April, official data showed on Monday.

Chinese lenders bought 127 billion dollars' worth of foreign currency last month and sold 139.5 billion dollars, the State Administration of Foreign Exchange (SAFE) said in a statement.

The amount has narrowed from the 23.7 billion dollars seen in April, 36.4 billion dollars in March, 33.9 billion dollars in February and 54.4 billion dollars in January, suggesting the pressure of capital outflow is easing, SAFE explained in a separate statement.

Concerns about capital outflow had been on the rise as the economy slowed and the Chinese currency had fallen since China revamped its forex mechanism last year.

But resumed stability in international financial markets and positive signs domestically have reduced the pressure of capital outflow since the start of this year.

Capital flows in and out of China will remain steady in a long term, as the country's economic performance meets market expectations and its economic structure continues to improve, SAFE predicted. Endi