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- Index number:
- 000014453-2024-0054
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- Dispatch date:
- 2024-02-23
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- Publish organization:
- State Administration of Foreign Exchange
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- Exchange Reference number：
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- Name：
- SAFE Deputy Administrator and Press Spokesperson Wang Chunying Answers Media Questions on Foreign Exchange Receipts and Payments for January 2024
The State Administration of Foreign Exchange (SAFE) has recently released data on foreign exchange settlement and sales by banks as well as cross-border receipts and payments by non-banking sectors for January 2024. The SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions regarding the topic.
Q: Could you brief us on China’s foreign exchange receipts and payments for January 2024?
A: China’s foreign exchange market had a stable start, with cross-border capital flows generally remaining balanced. In January, the foreign-related receipts and payments by non-banking sectors, including enterprises and individuals, posted a surplus of USD 5.5 billion. Market expectations remained relatively stable with rational and orderly foreign exchange trading. In terms of foreign-related receipts, the trade in goods witnessed a 7% month-on-month increase and a 10% year-on-year increase, underscoring its importance in stabilizing cross-border capital flows. The net increase in foreign holdings of China’s domestic bonds amounted to USD 27 billion, while the scale of net capital inflows remained at historically high levels.
Looking ahead, China’s foreign exchange market is well-positioned, with its established foundation and favorable conditions able to sustain smooth operations. First, the consolidation and strengthening of China’s economic recovery will continue, solidifying the fundamental support for the foreign exchange market. Second, China’s Balance of Payments (BOP) remains stable, and the internal resilience of the foreign exchange market has been enhanced, which is beneficial for addressing external shocks. Third, as major developed economies gradually adjust their monetary policies and international financial market conditions marginally improve, the associated spillover effects are expected to be alleviated.
