Reuters: Financial Services and Real Estate: China banks buy less forex in Feb

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China banks buy less forex in Feb Mar 28th 2012, 06:47 Tweet Share this Email Print Wed Mar 28, 2012 2:47am EDT BEIJING, March 29 (Reuters) - Chinese banks bought a net $4.4 billion in foreign exchange from their customers in over-the-counter transactions in February, down from $19.4 billion in January, the State Administration of Foreign Exchange (SAFE) said on Wednesday. In a rare sign of capital outflow, Chinese banks reported net sales of foreign currencies in the last two months of 2011. Banks' over-the-counter foreign exchange transactions have contributed to China's huge reserves expansion in recent years as exporters and investors sold dollars to banks which, in turn, sell most of them to the central bank in the interbank market. Following is monthly data on Chinese commercial banks' net foreign exchange purchases (in $bln): Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar 4.4 19.4 -15.3 -0.8 3.2 26.0 37.8 43.2 43.0 51.9 44.7 40.9 (Reporting by Zhou Xin and Lucy Hornby; Editing by Jonathan Hopfner) Tweet this Link this Share this Digg this Email Reprints Comments (0) This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

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