Chinese Banks Report Forex Settlement Deficit In First Three Quarters

BEIJING, Oct. 22 (Xinhua) — China’s commercial banks saw a forex settlement deficit of 121.3 billion U.S. dollars in the first three quarters of this year, official data showed Tuesday. Since the beginning of this year, China’s cross-border capital flows have been moving toward an equilibrium, said Li Hongyan, deputy head of the State Administration of Foreign Exchange, at a press conference. The foreign exchange market has shown strong resilience, with market expectations and transactions remaining generally rational and orderly, and RMB exchange rate staying basically stable at a reasonable and balanced level, Li said.