In the first half of the year, China's foreign exchange market operated smoothly, with active and more stable transactions. "At the recent press conference of the State Council Information Office, Li Bin, Deputy Director of the State Administration of Foreign Exchange, introduced that since the beginning of this year, the State Administration of Foreign Exchange has continued to deepen the reform and opening up in the foreign exchange field, increased the supply of policies to facilitate cross-border trade and investment, strengthened foreign exchange market supervision, effectively responded to external shocks and challenges, and helped promote the healthy development of the foreign-related economy.

In the first half of the year, there were many highlights in China's foreign exchange market. The scale of foreign-related income and expenditure has reached a new high. The total foreign-related income and expenses of bank clients amounted to 9.2 trillion US dollars, a year-on-year increase of 21%, and the scale reached a new high in the same period of history; The total scale of bank foreign exchange settlement and sales reached 2.9 trillion US dollars, a year-on-year increase of 24%, and the scale is also a historical high for the same period. These data show that China's foreign-related economy maintains a good development momentum, and cross-border trade and investment are more active, "said Li Bin.

The trading volume in the foreign exchange market is steadily increasing. In the first half of the year, the total trading volume of the domestic RMB foreign exchange market was 22.1 trillion US dollars, a year-on-year increase of 5%, and the growth rate increased by 1.5 percentage points compared to the whole year of last year.

Cross border funds show a net inflow. In the first half of the year, the net inflow of cross-border funds from non bank sectors such as enterprises and individuals was 247.2 billion US dollars. Looking at the sub projects, in the first half of the year, the net inflow of funds under goods trade continued to increase year-on-year, foreign investment in China rebounded overall, service trade revenue growth accelerated, the service trade balance deficit narrowed, and domestic entities maintained overall growth in outward investment.

The foreign exchange market is expected to remain stable. In the first half of the year, banks had a surplus of 271.2 billion US dollars in foreign exchange settlement and sales. From the recent situation, the US dollar index rebounded in June, and the RMB exchange rate against the US dollar slightly declined. Some companies' high exchange rate settlements have driven an increase in the month on month surplus in foreign exchange settlement and sales. Since July, foreign exchange settlement and sales have been basically balanced. In the first half of the year, the foreign exchange income settlement rate, which measures the willingness to settle foreign exchange, was 65%, and the foreign exchange payment and sale rate, which measures the willingness to purchase foreign exchange, was 61%. From the data, the overall rational and orderly foreign exchange settlement and sale behavior of entities such as enterprises and individuals.

The scale of foreign exchange reserves is steadily increasing. At the end of June, China's foreign exchange reserve balance was 3416.3 billion US dollars, an increase of 58.4 billion US dollars from the end of last year. Since the beginning of this year, China's foreign exchange market has withstood external shocks and maintained stable operation, showing strong vitality and resilience, "said Li Bin.
In the future, China's international balance of payments is expected to maintain a basic balance, "said Li Bin. China will adhere to expanding domestic demand, vigorously boosting consumption, expanding effective investment, promoting balanced development of imports and exports, and supporting the current account surplus to remain at a reasonable and balanced level in the medium and long term. At the same time, China is steadily expanding its institutional opening-up and expanding its space for foreign investment cooperation. Domestic enterprises will continue to engage in global diversified operations and asset allocation, and the scale of China's foreign assets will steadily increase.

Li Bin introduced that since the beginning of this year, facing external shocks, China's foreign exchange market has operated steadily, fully demonstrating the decisive role of internal factors in the trend of the foreign exchange market. In the face of a complex and ever-changing external environment in the future, China's high-quality development is accelerating, high-level opening up is steadily expanding, foreign trade is showing strong vitality, and the resilience of the foreign exchange market is increasing. Multiple positive factors will support the stable operation of China's foreign exchange market. (Outlook New Era)