China's foreign exchange transactions reached a total value of 27.97 trillion yuan (about 3.92 trillion U.S. dollars) in July, according to the official data released by the State Administration of Foreign Exchange on Friday.
The transaction volume between banks and customers amounted to 3.68 trillion yuan (about 520 billion U.S. dollars), while inter-bank transactions totaled 24.29 trillion yuan (about 3.41 trillion U.S. dollars).
The cumulative volume of the spot market and the derivatives market was valued at 9.35 trillion yuan (about 1.31 trillion U.S. dollars) and 18.62 trillion yuan (about 2.61 U.S. dollars), respectively.
From January to July this year, the total transaction volume of China's foreign exchange market reached 163.4 trillion yuan (about 22.98 trillion U.S. dollars).
China's foreign exchange transactions total 3.92 trillion USD in July
China's foreign exchange transactions total 3.92 trillion USD in July
China's foreign exchange transactions total 3.92 trillion USD in July
Chinese Premier Li Qiang urged solid efforts to accomplish the objectives and tasks for this year's economic and social development to make a good start in implementing the 15th Five-Year Plan while presiding over a plenary meeting of the State Council in Beijing on Monday.
Li said that since the beginning of this year, China's economy has registered steady growth featuring new momentums and structural improvement.
In the face of problems such as insufficient domestic demand and growing difficulties in some industries and enterprises, Li called for a focus on development goals to continuously push for innovation-driven and high-quality economic development by leveraging existing policies and rolling out new practical and effective policies in a timely manner.
Noting that this year marks the first year of the 15th Five-Year Plan period (2026–2030), Li emphasized the need to give full play to the plan's guiding role in all areas, urging efforts to maintain steady economic operation and expand domestic demand.
Efforts should be strengthened to advance the construction of water networks, new-type power grids, computing power networks, next-generation communication networks, urban underground pipeline networks and logistics networks, and innovate investment and financing mechanisms to attract social capital, Li said.
Li called for efforts to stabilize external demand and expand the space for mutually beneficial international cooperation in trade and economy.
It is imperative to leverage science and technology to accelerate transition from old to new growth drivers, increase support for emerging pillar industries and future industries, continuously promote the upgrading of traditional industries, and consolidate the foundation for the real economy, Li said.
Li also stressed doing a good job in ensuring and improving people's livelihood, boosting employment, increasing people's incomes, improving public services, carrying out disaster relief, and preventing the resurgence of poverty.
Chinese premier urges efforts to accomplish economic objectives, tasks
