Skip to Content Facebook Feature Image

China's forex market shows strong resilience, maintains stable operation in 2024: deputy governor

China

China

China

China's forex market shows strong resilience, maintains stable operation in 2024: deputy governor

2024-06-20 13:59 Last Updated At:16:27

China's foreign exchange market has shown strong resilience and maintained stable operation in 2024, despite the complicated and changing external environment, said Zhu Hexin, deputy governor of the People's Bank of China, in Shanghai on Wednesday.

Speaking at the 2024 Lujiazui Forum, Zhu, also the head of the State Administration of Foreign Exchange, said the exchange rates of the Chinese yuan against major currencies have experienced both appreciation and depreciation.

However, Zhu emphasized that the exchange rate of Chinese yuan has remained relatively stable against a basket of currencies, indicating a more stable outlook for the yuan's exchange rate.

The balance of payments has sustained a basic equilibrium, and the current account has maintained a reasonable surplus, further solidifying their role in stabilizing the foreign exchange market, said Zhu.

Zhu stated that foreign investors exhibit a favorable inclination in allocating assets in Chinese yuan, adding that the size of foreign exchange reserves remains stable at over 3.2 trillion U.S. dollars.

According to Zhu, China's solid economic fundamentals and market resilience will continue to underpin the stable operation of its foreign exchange market in the future.

Themed "Promoting World Economic Growth with High-Quality Financial Development", the two-day 2024 Lujiazui Forum, a major financial event, kicked off in Shanghai on Wednesday.

China's forex market shows strong resilience, maintains stable operation in 2024: deputy governor

China's forex market shows strong resilience, maintains stable operation in 2024: deputy governor

China's forex market shows strong resilience, maintains stable operation in 2024: deputy governor

China's forex market shows strong resilience, maintains stable operation in 2024: deputy governor

China's forex market shows strong resilience, maintains stable operation in 2024: deputy governor

China's forex market shows strong resilience, maintains stable operation in 2024: deputy governor

China's forex market shows strong resilience, maintains stable operation in 2024: deputy governor

China's forex market shows strong resilience, maintains stable operation in 2024: deputy governor

Next Article

Premier Li urges high-quality development to further deepen reform comprehensively

2024-07-22 22:24 Last Updated At:22:57

Chinese Premier Li Qiang has called for efforts to push forward high-standard opening-up and actively explore and innovate to motivate more momentum and vitality, so as to advance high-quality development in further deepening reform comprehensively.

Li, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks during a research trip to north China's Tianjin Municipality on Monday.

Li first visited the core area of the Tiankai Higher Education Innovation Park, where he learned about the park's construction and operation, and had talks with researchers and heads of sci-tech financial institutions as well as start-ups.

Saying that the key to fostering new growth drivers and developing new quality productivity lies in reform and innovation, Li underlined staying focused on integrated development of sci-tech innovation and industrial innovation, therefore building a more efficient and attractive sci-tech innovation platform.

He called for more support for small and medium-sized sci-tech firms and incentives for sci-tech personnel in terms of policies and funding, so as to promote the application of scientific and technological advances, and accelerate the development of new quality productivity.

The park, inaugurated in May, was established through the collaboration of Tianjin-based top-notched universities including Tianjin University and Nankai University.

Li then visited the branch of the world-leading elevator manufacturer Otis and CDHorizon, a world's top integrated equipment operation service provider, in the Binhai New Area.

Li urged efforts to make good use of policies for supporting the large renewal of equipment and to support enterprises in promoting the new application of artificial intelligence, so that more enterprises and products with core competitiveness can compete to emerge.

The premier also highlighted innovative use of financial leasing and other financial instruments, thus better serving the real economy.

Li called on the Binhai New Area to take the lead in better stimulating impetus and vitality in deepening reform, underlining the reform in institutions and mechanisms of the pilot free trade zone, financial innovation and development, and high-level opening up to the outside world.

Li also emphasized the need to accelerate the integrated development of ports, industries and cities by leveraging strengths and characteristics, in order to integrate resources and enhance their role in promoting the coordinated development of the Beijing-Tianjin-Hebei region.

Fully acknowledging Tianjin's achievements in socio-economic development, Li expressed his hope that the municipality will forge ahead and constantly scale new heights in promoting high-quality development.

Premier Li urges high-quality development to further deepen reform comprehensively

Premier Li urges high-quality development to further deepen reform comprehensively

Recommended Articles