Economy

Chinese banks' forex surplus tops $92b in Q1

(Xinhua)
Updated: 2010-06-08 17:05

BEIJING - The surplus of Chinese banks' foreign exchange purchases to sales in transactions with clients in the first quarter stood at $92.7 billion, the State Administration of Foreign Exchange (SAFE) announced Tuesday.

The figure did not include the amount from bank's own forex transactions and interbank transactions, said a statement on the SAFE's website.

Related readings:  China's funds outstanding for forex hits 20t yuan  China's forex reserves rise to 2.45 trillion USD  China's forex reserves rise to $2.45t  Gold purchases ruled out to diversify forex reserves

The SAFE provided no comparison on a year-on-year or quarterly basis as the regulator only began to release monthly data on bank foreign exchange transactions on a quarterly basis this year, the statement said.

In the first three months, Chinese banks purchased $270.3 billion from institutional and individual clients: $100 billion in March, $76.3 billion in February, and $94 billion in January.

Forex sales to clients were $177.6 billion in the first quarter: $69.3 billion in March, $54.5 billion in February and $53.8 billion in January.

In 2009, the annual surplus fell 42 percent to $263.5 billion, according to data released in March.

The surplus of forex purchases to sales was one of the main reasons for the change of China's foreign exchange reserves, the SAFE said in March.

By the end of March, China's foreign exchange reserves rose 16 percent yea-on-year to $1.954 trillion.