China's forex market shows growing resilience: official

2022-11-22 08:22:21Xinhua Editor : Li Yan ECNS App Download

China's foreign exchange market has posted increasing resilience despite fluctuations in global financial markets, the head of the country's forex regulator said Monday.

"Compared with the previous two periods of U.S. dollar appreciation, the renminbi exchange rate has become less sensitive to U.S. dollar index fluctuations since 2021," Pan Gongsheng, head of the State Administration of Foreign Exchange, said at the Annual Conference of Financial Street Forum 2022.

"Globally, compared with the currencies of major developed and emerging markets, the depreciation of the RMB is at an average level. Despite fluctuations, cross-border capital flows have been stable and orderly on the whole," Pan added.

Pan, also the deputy governor of China's central bank, attributed the forex market's resilience to the renminbi's strengthening two-way fluctuation and flexibility, a surplus in the basic international balance of payment, the improving foreign debt structure and the promotion of exchange rate hedging instruments.

Looking ahead, China's forex market will maintain sound operation, Pan said, citing the solid fundamentals of China's long-term sound economic growth and possible changes in the internal and external macro environments.


Most popular in 24h

MoreTop news


Back to top About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2022 All rights reserved.
Reproduction in whole or in part without permission is prohibited.
[网上传播视听节目许可证(0106168)] [京ICP证040655号]
[京公网安备 11010202009201号] [京ICP备05004340号-1]