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REPEAT: MNI: China Banks Net FX Buyers From Clients Jan: SAFE

MNI (London)
Repeats Story Initially Transmitted at 08:53 GMT Feb 26/03:53 EST Feb 26
--SAFE: Bank FX Buying Balanced Cross-Border Capital Flows
     BEIJING (MNI) - China banks were net buyers of foreign exchange from their
clients in January for a second consecutive month, reflecting relatively
balanced cross-border capital flows, according to the latest figures from the
State Administration of Foreign Exchange.
     SAFE said Monday that Chinese banks bought a net CNY14.9 billion from
clients in January, compared with a net purchase of CNY44.5 billion in December.
     "The supply and demand has remained generally balanced at the beginning of
2018," SAFE said on its official website, citing steadily rising forex reserves,
balanced purchasing and selling of forex by banks, and non-bank sectors' surplus
in forex income and expenditures.
     As of the end of January, outstanding foreign reserves stood at $3.16
trillion, an increase of $21.51 billion from last December, according to data
from the People's Bank of China. 
     SAFE also noted personal purchasing of forex from banks increased 11% m/m
in January, reflecting higher demand ahead of the traditional New Year holidays.
     The net position on forex forwards to buy yuan from banks increased CNY73
billion to CNY683.3 billion in January, up for the fifth consecutive month, but
lower than CNY102.2 billion growth in December. The pick-up reflected corporate
satisfaction with the current yuan level, although confidence the currency will
increase further is muted.
     Cross-border capital flows are expected to remain generally stable
considering the two-way fluctuations of the yuan, the domestic economy and and
the markets' more stable expectations on main currencies, SAFE said.  
--MNI Beijing Bureau; +86 10 85325998; email: he.wei@marketnews.com
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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