China sees stable forex market in November

BEIJING — China’s foreign exchange (forex) market remained stable with balanced demand and supply last month, the State Administration of Foreign Exchange (SAFE) said on Dec 20.

The supply and demand of foreign currencies was basically balanced and the long-term stability in China’s forex market has not changed, SAFE spokesperson Wang Chunying said.

“The Chinese currency (renminbi) has basically strengthened against the greenback since November, while foreign capital utilization, outbound investment and cross-border financing have been steady,” Wang said.

Banks bought $154.4 billion worth of foreign currencies and sold $172.3 billion in November, resulting in net sales of $17.9 billion, SAFE data showed.

In the January-November period, net forex sales amounted to $48.9 billion.