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E-mail Xinhua, October 23, 2024
China's foreign exchange market recorded active trading during the first nine months of this year, demonstrating strong resilience with market expectations and transactions remaining generally rational and orderly, the country's forex regulator said on Tuesday.
China's foreign exchange market saw a turnover of 30.27 trillion U.S. dollars from January to September 2024, up 10.1 percent year on year, Li Hongyan, deputy head of the State Administration of Foreign Exchange, told a press conference.
Li noted that foreign exchange settlements and sales moved toward equilibrium, as exchange rate expectations among domestic entities remained stable and foreign exchange transactions were carried out in an orderly and sensible manner.
Despite the complex global economic and financial landscape, China's foreign exchange market has weathered external challenges and shown signs of stabilization and improvement.
The RMB exchange rate has remained stable amid two-way fluctuations, demonstrating increased flexibility, Li said. The balance of payments has also held steady -- underpinned by a solid trade surplus.
Li highlighted growing equilibrium in cross-border capital movements, with foreign investment in China rising along with steady inflows into domestic bonds.
Net foreign investment in domestic bonds surpassed 80 billion U.S. dollars in the first three quarters of 2024, while foreign investment in Chinese equities saw notable improvement.
Outbound investments by Chinese entities also progressed smoothly, as both direct and securities investments enjoyed steady growth, she said.
The increasing maturity and resilience of China's foreign exchange market have enhanced its ability to adapt to external shifts, providing solid support for maintaining stability in the country's balance of payments, Li added.
