China banks' January net forex sales fall to US$54.4b

Beijing

CHINESE commercial banks' net sales of foreign exchange fell to US$54.4 billion in January from US$89.4 billion in December, data from the foreign exchange regulator showed on Tuesday, indicating less capital outflows from the banking sector.

Commercial banks sold a net 454.8 billion yuan (S$97.9 billion) in foreign exchange on behalf of clients in January, while banks bought a net 98 billion yuan via their own currency trading, according to the data released by the State Administration of Foreign Exchange.