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    SAFE News
    • Index number:
      000014453-2024-0050
    • Dispatch date:
      2024-06-17
    • Publish organization:
      State Administration of Foreign Exchange
    • Name:
      SAFE Deputy Administrator and Press Spokesperson Wang Chunying Answers Media Questions on Foreign Exchange Receipts and Payments for May 2024
    SAFE Deputy Administrator and Press Spokesperson Wang Chunying Answers Media Questions on Foreign Exchange Receipts and Payments for May 2024

    The State Administration of Foreign Exchange (SAFE) has recently released data on foreign exchange settlement and sales by banks as well as cross-border receipts and payments by non-banking sectors for May 2024. The SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions regarding the topic.

    Q: Could you brief us on China’s foreign exchange receipts and payments for May 2024?

    A: China’s foreign exchange market registered a stable operation, with cross-border capital flows showing a trend toward equilibrium. In May, the foreign-related receipts and payments by non-banking sectors, including enterprises and individuals, maintained a basic balance. Cross-border capital flows showed an obvious improvement. Market expectations remained relatively stable with rational and orderly foreign exchange trading. The foreign exchange payment deficit narrowed apparently, leading to a further improved supply and demand situation in the foreign exchange market.

    The net inflows of cross-border capital under trade in goods increased rapidly, and the scale of foreign investment in domestic bonds maintained a high level. Supported by the continued recovery of China’s foreign trade, the net inflows of cross-border capital under trade in goods witnessed a 23% year-on-year increase and a 76% month-on-month increase in May, registering a monthly new high since the second half of 2023 and underscoring the importance of trade in goods in stabilizing cross-border capital flows. At the same time, foreign capital showed a strong willingness to allocate RMB assets. The net purchase of domestic bonds by foreign capital was USD 32 billion in May, realizing an 86% month-on-month increase and reaching a historically high level. Besides, domestic entities made more stable and orderly overseas investments.   

    Looking ahead, China’s foreign exchange market has a solid foundation to sustain sound operations. The implementation of macro policies at an increased pace will further consolidate and strengthen China’s economic recovery, solidifying the fundamental support for the foreign exchange market and RMB exchange rate. Recently, multiple international institutions including the World Bank and the International Monetary Fund upwardly revised their predictions of China’s annual economic growth, showing the increased confidence of the international society in China’s economic development. Chinese enterprises have kept their innovation and development in the past years, continuously improving their international competitiveness and their capability of adapting to changes in the external environment. The foreign exchange market participants are becoming more and more mature, and the instruments for avoiding exchange rate risks are getting more and more extensive application. The proportion of cross-border RMB settlement is increasing stably, and the capacity of exchange rate risk management is continuously strengthening. The inherent resilience of the foreign exchange market is beneficial for maintaining its stable operation.

    The English translation may only be used as a reference. In case a different interpretation of the translated information contained in this website arises, the original Chinese shall prevail.

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