China records $121.3 billion forex settlement deficit in first three quarters

China's commercial banks saw a forex settlement deficit of US$121.3 billion in the first three quarters of this year, Xinhua News Agency quoted official data as saying 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 the RMB exchange rate staying basically stable at a reasonable and balanced level, Li said. Source: Emirates News Agency