Chinese commercial banks recorded a net foreign exchange purchase of $19.4 billion in May, up from the surplus of $10.6 billion in April, the State Administration of Foreign Exchange said in a statement on Tuesday.
Chinese lenders bought $172.6 billion worth of foreign currency and sold $153.2 billion worth last month, according to the nation's top forex administrator. The domestic foreign exchange market remained stable in May, and the cross-border capital flows through major channels generally maintained balanced and stable growth, said a spokesperson with the SAFE, as trade of goods was still the key channel of net capital inflows and foreign exchange supplier.
China's stable economic growth has provided a solid foundation for dealing with external changes, as the global financial market showed fluctuations since May, and some emerging economies suffered capital outflows and currency depreciation pressure, said the spokesperson.
