Chinese forex market turnover hits 10.99 trillion yuan in October

BEIJING - China's foreign exchange (forex) market posted turnover of 10.99 trillion yuan ($1.6 trillion) in October, down from 11.69 trillion yuan in September, the State Administration of Foreign Exchange (SAFE) said Friday.

The amount includes 1.66 trillion yuan in forex transactions between banks and their clients and 9.33 trillion yuan in interbank forex transactions, SAFE said.

In 2015, China opened its interbank forex market to overseas central banks and similar institutions to promote a more market-oriented, transparent interbank forex market.

China's forex market turnover in 2015 was 111 trillion yuan.