China's foreign exchange market remained sound in October with relatively balanced supply and demand in the market, said the State Administration of Foreign Exchange (SAFE) on Monday.
In October, banks in China saw 1.5194 trillion yuan (about 214 billion U.S. dollars) in foreign exchange settlement and 1.394 trillion yuan (about 196 billion U.S. dollars) in foreign exchange sales.
Regarding the foreign exchange market situation in October, despite increased volatility in international financial markets and a generally strengthening U.S. dollar index since the same month, China's foreign exchange market has maintained stable and sound operation, according to the SAFE.
The foreign exchange market maintained basic equilibrium in supply and demand during October. The foreign exchange settlement surplus stood at 17.7 billion U.S. dollars, narrowing from the previous month and showing a more balanced condition.
Enterprises and other entities bought or sold foreign currencies in an orderly manner based on actual needs, with banks' buying and selling rates remaining broadly in line with the average level of the first nine months.
Meanwhile, cross-border capital flows remained stable. Affected by the country's National Day and Mid-Autumn Festival holidays from Oct 1 to 8, the non-banking sector including enterprises and individuals saw a small net cross-border capital outflow in September, while October witnessed increased net cross-border capital inflows. The average monthly cross-border payment surplus over the two months stood at 24 billion U.S. dollars.
Specifically, goods trade maintained high net capital inflows, while cross-border expenditures such as resident outbound travel and dividend payments by foreign-invested enterprises saw seasonal declines. The net outflow of services trade and investment income narrowed compared with the previous month.
China's foreign exchange market maintains steady operation in October
The successful election of the eighth-term Legislative Council (LegCo) of China's Hong Kong Special Administrative Region (HKSAR) marked an important achievement in further consolidating and developing high-quality democracy in the region, a spokesperson for the Hong Kong and Macao Affairs Office of the State Council said on Monday.
The spokesperson said that the election was successfully held on Sunday in a safe, orderly and smooth manner, adding that voter turnout in the Election Committee subsectors, functional constituencies, and geographical constituencies all recorded significant increases from the previous election, fully reflecting public sentiment in Hong Kong.
The spokesperson noted that as the election entered the campaigning stage, a sudden fire incident in Tai Po inflicted serious trauma on Hong Kong. Thanks to the concerted efforts of the HKSAR government, various sectors of society and the broad electorate, the election was carried out with complete success.
It fully demonstrated Hong Kong society's unity, resilience, and determination to overcome difficulties, and highlighted the advancement and strengths of the new electoral system under the full implementation of the principle of "patriots administering Hong Kong," the spokesperson added.
The spokesperson said the newly elected members of the Legislative Council are all patriots who love the country and Hong Kong, and are capable, committed and dedicated to serving the community. They have won broad recognition and support from voters.
The spokesperson added that it is hoped and believed that the new-term legislators will fully, faithfully and unswervingly implement the "one country, two systems" policy, always uphold national sovereignty, security and development interests as the top priority, and promote Hong Kong's better integration into and contribution to the country's overall development.
Successful election of HKSAR's 8th-term LegCo of milestone significance: State Council spokesperson
