Today : Saturday - Sep 20, 2014, 07:26am (GMT+5.5)
All News  
Top News
National News
International News
Business News
Sports News
   » Cricket
   » Football
Entertainment News
Sci - Tech
Politics News
Health & Fitness
Gulf News
::| Latest News
News in Pictures

Seemingly unfazed at being ousted from the Asian Athletics Association, scam-tainted Suresh Kalmadi on Monday said losing the presidential re-election bid to Qatar’s Dahlan Jumaan Al-Hamad has actually given him a chance to work at the “grassroots” level.
“I have no issues today and I congratulate Mr Al-Hamad for being elected as President. I am rather relieved that I will be able to work at the grassroots level in athletics,” Mr. Kalmadi said after losing the vote during the ongoing AAA Congress in Pune.

International News

Chinese banks see smaller forex surplus

Monday - Jun 17, 2013, 04:47pm (GMT+5.5)
[+] Text [-]

Beijing - Chinese banks bought more foreign currency from clients than they sold in May, although the surplus was less than that of previous months, indicating relieved pressure from capital inflows.

The forex surplus hit $17.2 billion in May, marking the ninth straight month of surplus in bank-to-client forex transactions, the State Administration of Foreign Exchange (SAFE) said.

The surplus was far less than those recorded in the first four months of the year, coming in at roughly half of the $34.3 billion surplus recorded in April, reported Xinhua.

Individuals and institutions exchanged $150.5 billion in foreign currency for yuan through Chinese banks while buying $133.3 billion in foreign currency from financial institutions in May.

The continued surplus indicates strong market expectations for the yuan's appreciation, said China Merchants Bank analyst Liu Dongliang.

The yuan edged up nine points to 6.1598 against the US dollar Monday, setting a record high.

Speculative money is also behind the rising yuan, as China's relatively high interest rates in comparison to other countries are attractive to investors.

Bank-to-client foreign exchange transactions are a source of fluctuation in China's foreign exchange reserves, although the figures are not equated with foreign exchange reserve data.

China's foreign trade grew 0.4 percent year on year in May to $345.1 billion, down from the 15.7-percent gain seen in April, the General Administration of Customs said.

The slow growth of foreign trade has been partly caused by government efforts to curb capital inflows disguised as trade payments, experts said.

SAFE announced in May that it would step up oversight for capital inflows. This includes stricter checks on mismatches between cargo and cash flows and increased oversight for current account transactions effective from June 1.


Rating (Votes: )   

blog comments powered by Disqus

Other Articles:
Tamil Tiger fronts operate in Germany: Sri Lanka (17th Jun, 2013)
Barack Obama says being a dad’s `tough` (17th Jun, 2013)
Analysts cautiously optimistic following ‘moderate’ Rouhani’s presidential win in Iran (17th Jun, 2013)
Karzai condemns U.S. drone attacks in Pakistan (17th Jun, 2013)
Brits set to blow 243M pounds on Wills and Kate’s baby celebrations (17th Jun, 2013)
China’s role in NSA ‘snoopgate’ leak questioned by GOP politician (17th Jun, 2013)
Pakistan army to preempt India’s ‘Cold Start Doctrine’ following adoption of ‘new concept of war fighting’ (17th Jun, 2013)
Israeli PM says sanctions on Iran should increase despite newly elected ‘moderate’ president (17th Jun, 2013)
UK's eavesdropping agency snooped on foreign officials at G20 in 2009 (17th Jun, 2013)
Julia Gillard accused of ‘showing too much cleavage’ in Parliament (17th Jun, 2013)
Painkiller receptor variant developed (17th Jun, 2013)
G8 summit: Putin warns against arming Syria rebels 'who eat organs' (17th Jun, 2013)
Analysts cautiously optimistic following 'moderate' Rouhani's presidential win in Iran (17th Jun, 2013)
Israeli PM says sanctions on Iran should increase despite newly elected 'moderate' president (17th Jun, 2013)
Cuba plans to build first biofuel power plant (17th Jun, 2013)
Australia temporarily bans 19 synthetic drugs (17th Jun, 2013)
Fauna that lived in Mayan times survive climate change (17th Jun, 2013)
Pakistani leader gets hostess arrested for delaying water (17th Jun, 2013)
Peruvian inmates set Guinness record for aerobics routine (17th Jun, 2013)
Eleven militants killed in Afghanistan: ISAF (17th Jun, 2013)
US not to rush to war in Syria: White House (17th Jun, 2013)
UAE, Morocco discuss expertise on labour issues (17th Jun, 2013)
Five Chinese kids, missing after bus fall, dead (17th Jun, 2013)
Saudi Arabia urges people to postpone Haj plans (17th Jun, 2013)
UAE military training jet crashes, pilot killed (17th Jun, 2013)

Contact Us | Advertise with Us | Privacy Policy | Disclaimer | Terms of Use