Guan Tao, head of the balance of payment division under the State Administration of Foreign Exchange, has informed that Chinese banks net forex purchases remained at USD 29 billion in the respective time frame, falling by 21% as compared with Q2 2013 and plunging 82% from Q1 2014.
In Q1 2014, Chinese banks registered USD 159.2 billion increase in net forex purchases, which represent the difference between foreign currency purchases and sales by commercial banks.
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