Chinese banks buy $65.6bn in forex in November

China’s banking system made net foreign-exchange purchases of US$65.6 billion (RMB397.9 billion) in November, recording a fourth consecutive month of foreign currency inflows into China, The Wall Street Journal reported, citing a statement made by the central bank on Tuesday. The figure was slightly lower than October’s figure, which saw foreign currency inflow at US$72.7 billion (RMB441.6 billion). HSBC economist Ma Xiaoping said that the increase in foreign-exchange purchases was mainly boosted by expectations that the yuan will appreciate.