BEIJING – China’s commercial banks reported a net forex settlement surplus of 273 billion yuan ($39.1 billion) in the first quarter (Q1), the country’s forex regulator said Friday.

Forex purchases by banks stood at 3.43 trillion yuan, while sales reached 3.16 trillion yuan, data from the State Administration of Foreign Exchange (SAFE) showed.

Despite the coronavirus-induced volatility of the international financial market, China’s forex market maintained a generally stable operation in Q1 with the yuan’s exchange rate and the cross-border capital flows keeping steady, said the SAFE spokesperson Wang Chunying.

Wang said China’s forex market was witnessing a more “rational and mature” development trend, demonstrating that the market players are confident in the fundamentals of the Chinese economy.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

UK to double work coaches as lockdown hammers jobs market

LONDON (Reuters) – Britain’s government will double the number of its job coaches as part of a plan to tackle a rise in unemployment triggered by the coronavirus lockdown, the finance ministry said on Saturday. The number of work coaches…

Amazon’s new offerings make India centre of fintech push

NEW DELHI/MUMBAI (Reuters) – Amazon.com Inc (AMZN.O) has added insurance and even gold to its menu of financial services in India, to expand its customer base and attract more subscribers to its Prime loyalty programme in a battleground growth market.…

Jack Ma cashes out billions of dollars in Alibaba shares as stock booms

New York (CNN Business)Alibaba founder Jack Ma has sold billions of dollars worth of his shares in the Chinese ecommerce company over the past year as its stock has skyrocketed by about 50%. Ma, one of China’s richest people, cut…

UK says EU trade talks at tricky point as hopes of deal dim

LONDON — Britain’s business minister said Friday that U.K.-EU trade talks are at a “difficult” point, as British officials poured cold water on hopes of an imminent breakthrough — and France said it could veto any agreement it didn’t like.…