ZCZC
BCN-24
CHINA-FOREX-MARKET
China can ensure forex market stability: forex regulator
BEIJING, Sept. 22, 2018 (BSS/Xinhua) – China’s forex regulator said the
country could cope with potential external shock and ensure stability in its
forex market.
Although external uncertainties abound, the economy will remain running
within a reasonable range as the country’s industrial restructuring and
upgrade as well as opening-up continued apace, the State Administration of
Foreign Exchange (SAFE) said on its website.
As two-way movements in the yuan exchange rate have become increasingly
flexible and the macro-prudential regulation on cross-border capital flows
continues counter-cyclical adjustment, China can cope with external shock and
ensure stability in the forex market, it said.
SAFE said supply and demand at the forex market have remained generally
stable. Further opening-up of the financial market has led to more
international capital inflows, and foreign currency purchase by enterprises
and individuals has become more rational.
Commercial banks saw a net forex settlement deficit of 10.5 billion U.S.
dollars in the first eight months of the year, narrowing 91 percent from one
year earlier.
The country’s foreign exchange reserve stood at 3.1097 trillion dollars at
the end of August, 8.2 billion dollars less than a month ago.
BSS/XINHUA/HR/1300