China's FX regulator says commercial banks bought $8.3bn of forex in June vs $3.3bn in May

<p>China's State Administration of Foreign Exchange:</p><ul><li>
Commercial banks purchase net $8.3 bln of forex in June vs $3.3 bln
net purchase in May</li><li>Commercial banks
purchase net $1.8 bln of forex in H1</li></ul><p>

The yuan weakened persistently in June. </p><p>–</p><p>The State Administration of Foreign Exchange (SAFE) of the People's Republic of China </p><ul><li>is responsible for drafting rules and regulations related to foreign exchanges, managing China's foreign exchange reserves, and monitoring the balance of payments and the foreign exchange market</li><li>conducts foreign exchange business, including the management of the state foreign exchange reserves and gold reserves, and the administration of the foreign exchange settlement and sales</li><li>supervising and inspecting the foreign exchange activities of banks and other financial institutions, as well as of all enterprises and individuals</li><li>implementing foreign exchange policy and managing foreign exchange reserves to maintain the value of the national currency, the Renminbi (RMB)</li><li>regulating the foreign exchange market to prevent and resolve financial risks</li></ul><p>
SAFE operates under the leadership of the People's Bank of China (PBOC).</p>

This article was written by Eamonn Sheridan at www.forexlive.com.