China's Commercial Banks Sell Net $15.9 Billion Forex in May, 1.36 Trillion Yuan in Sales
China's commercial banks sold a net $15.9 billion of foreign exchange in May, compared to a net sell of $38.1 billion in April, according to the State Administration of Foreign Exchange. From January to May, the net sell amounted to $78.8 billion. The banks sold a total of 1.36 trillion yuan of foreign exchange in May. The forex market saw a generally stable operation with a net forex settlement deficit of 113.3 billion yuan (approximately $15.92 billion) in May. Forex purchases by commercial banks stood at 1.25 trillion yuan, while sales reached 1.36 trillion yuan. Foreign holdings of yuan bonds traded on China's interbank market stood at 4.22 trillion yuan at the end of May, according to the PBOC Shanghai Head Office.
Sources
First Squawk
CHINA'S FOREX MARKET SAW GENERALLY STABLE OPERATION WITH A NET FOREX SETTLEMENT DEFICIT OF 113.3 BLN YUAN (ABOUT $15.92 BLN) IN MAY. FOREX PURCHASES BY COMMERCIAL BANKS STOOD AT 1.25 TLN YUAN, WHILE SALES REACHED 1.36 TLN YUAN: STATE ADMINISTRATION OF FOREIGN EXCHANGE
People's Daily, China China's #forex market saw generally stable operation with a net forex settlement deficit of 113.3 bln yuan (about $15.92 bln) in May. Forex purchases by commercial banks stood at 1.25 tln yuan, while sales reached 1.36 tln yuan: State Administration of Foreign Exchange https://t.co/JtY0WCYZdQ
Brad Setser The first fx intervention proxies for China in May are out, and --unsurprisingly -- the PBOC balance sheet data doesn't show anything much. -3b in May, which is basically nothing. All the recent activity has been in settlement 1/ https://t.co/aixe1uEu64