The renminbi foreign-exchange market turnover in China hit 21 trillion U.S. dollars in the first half of this year, up 10.2 percent year on year, according to an official with the State Administration of Foreign Exchange (SAFE) in Beijing on Tuesday.
Li Bin, deputy director and spokesman of the SAFE, disclosed the data at a press conference on the country's foreign exchange receipts and payments in the first six months.
He stated that foreign exchange settlement and sales by enterprises and individuals remained stable in the first half of the year.
"In the first half of the year, banks recorded an overall foreign exchange settlement and sales deficit of 25.3 billion U.S. dollars, but the monthly pattern shifted markedly: January posted a deficit, the February-April period moved roughly into balance, and May and June logged a surplus. Transactions by enterprises, individuals, and other entities were generally rational and orderly. The foreign exchange settlement ratio, which measures the willingness to convert foreign exchange earnings, remained unchanged at 60 percent, the same as the same period last year. The foreign exchange purchase ratio, measuring willingness to buy foreign exchange, was 65 percent, down three percentage points year on year," said Li.
The spokesman said China's foreign exchange reserves are increasing steadily.
"In the first half of the year, domestic RMB foreign-exchange market turnover totaled 21 trillion U.S. dollars, up 10.2 percent year on year. Spot and derivatives transactions reached 7.4 trillion U.S. dollars and 13.6 trillion U.S. dollars, respectively, accounting for 35 percent and 65 percent of the total. At the end of June, China's foreign exchange reserves stood at 3.3174 trillion U.S. dollars, up 115.1 billion U.S. dollars from the end of 2024. During the first half of the year, non-U.S. dollar currencies appreciated against the greenback, and global financial asset prices rose broadly. Combined with exchange-rate conversion and changes in asset valuation, these factors pushed China's foreign exchange reserves higher while keeping it largely steady," he said.
RMB foreign-exchange market turnover in China hit 21 trillion USD in H1
