China's foreign exchange market toughness enhancement

In the first half of the year, the bank's exchange and sales surplus surplus 85.2 billion US dollars-

China's foreign exchange market toughness enhancement

The bank's foreign exchange and sales surplus 85.2 billion U.S. dollars, the foreign -involved foreign receipt payment surplus 83.4 billion U.S. dollars, and the enterprise's use of foreign exchange derivatives to manage the exchange rate risk of 29%year -on -year ... The State Administration of Foreign Exchange announced on July 22 that the foreign exchange revenue and expenditure data was announced in the first half of the year. Wang Chunying, deputy director and spokesman of the State Administration of Foreign Exchange, said that in the first half of the year, in the face of more complex and severe external shocks and challenges, the toughness of my country's foreign exchange market was strengthened, the RMB exchange rate performance was relatively stable, and cross -border funds were generally stable. Looking forward to the second half of the year, the Chinese foreign exchange market is expected to continue its stable operation.

Cross -border revenue and expenditure overall continuation surplus pattern

Talking about the revenue and expenditure of China's foreign exchange in the first half of the year, Wang Chunying mentioned 5 characteristics at the National New Office press conference held on July 22:

The overall continuation of bank foreign exchange and sales and cross -border income and expenditure. In the first half of the year, banks' exchange sales and foreign -related revenue and expenditure all showed a surplus of more than 80 billion US dollars, mainly due to the high scale of goods trade and direct investment.

The exchange rate increased slightly, and corporate cross -border financing remained stable. In the first half of the year, the exchange rate for measuring the willingness to purchase foreign exchange, that is, the proportion of customers who bought foreign exchange from banks and customers related to foreign exchange -related foreign exchange expenditures was 66%, an increase of 2 percentage points from the same period last year. In terms of financing, as of the end of June this year, the balance of foreign exchange loans in market entities such as Chinese enterprises such as companies such as companies such as US $ 351 billion was basically the same as at the end of 2021.

The exchange rate is stable, and the balance of foreign exchange deposits of corporate corporates is basically stable. In the first half of the year, the exchange rate for measuring the willingness to settle foreign exchange, that is, the ratio of foreign exchange and customer -related foreign exchange income from customers to the bank was 67%, an increase of 0.4 percentage points from the same period in 2021. As of the end of June this year, the balance of foreign exchange deposits in market entities such as enterprises was US $ 695.1 billion, which was basically the same as at the end of 2021.

The scale of foreign exchange derivatives has remained increased, and the awareness of market entity exchange rate risk management has steadily increased. In the first half of the year, the scale of the exchange rate risk of derivative products such as long -term and options increased by 29%year -on -year. 4.1 percentage point shows that the awareness of risk aversion to the market entity increases and improves the ability to adapt to the fluctuation of RMB exchange rates.

The scale of foreign exchange reserves is basically stable. At the end of June, the scale of foreign exchange reserves in my country was US $ 3071.3 billion. Since the beginning of this year, the US dollar index has risen significantly. The price of financial assets in major countries has fallen sharply. Foreign exchange reserves are priced in the US dollar. The amount of amounts of US dollars has decreased, and the changes in asset price changes have led to changes in the book value of foreign exchange reserves.

Foreign capital will still steadily increase holding RMB bonds

Recently, the international financial market is turbulent, the US dollar exchange rate and interest rate have risen rapidly, and international capital has flowed out of the emerging economy. In this context, what do foreign capital hold the situation of Chinese bonds?

Wang Chunying said that from a global perspective, whether a developed economy or an emerging economy fluctuate is normal, even the world's largest U.S. Treasury market will often be reduced. "Internationally, China's fluctuations are far below a considerable number of developed countries and emerging economies. From the perspective of the composition and holdings of overseas investors, the scale of Chinese bonds holds more than half of the size of Chinese bonds, and the rest are the rest. A large part of the configuration funds that follow the international index are relatively high. "Wang Chunying said.

Wang Chunying introduced that in recent years, my country's bond market has been steadily open, and cross -border transactions have become more convenient. my country's bonds have been included in the three major international mainstream indexes, and the influence and attractiveness of the domestic bond market have been greatly improved. In this context, at the end of 2021, China absorbed nearly $ 820 billion in cross -border bond investment, accounting for about 1/3 of the investment ratio of emerging economies to absorb external bonds. After years of development, China has become one of the main destinations of global cross -border bond investment. This pattern has not changed due to the recent short -term market fluctuations.

"In general, Chinese bonds have both decentralized investment value, as well as actual capital allocation needs, and more fundamental support." Wang Chunying said that at present, foreign investment accounts for about 3%of the Chinese bond market, and there is room for improvement. In the long run, foreign capital will still steadily increase holding RMB bonds.

Continue to support corporate management exchange rate risks

Since this year, exchange rate risk management has become the focus of many companies. Wang Chunying said that the foreign exchange bureau actively supports enterprise management exchange rate risks and serves the development of the real economy. "Focusing on small and medium -sized enterprises, we have adopted a series of measures on reducing the cost of exchange rate avoidance and improving the ability to respond to the risk of exchange rates."

Specifically, in April of this year, the People's Bank of China and the Foreign Exchange Bureau jointly issued documents to encourage regional to strengthen government, banks and enterprises to explore and improve the risk aversion of exchange rates. In May, the Foreign Exchange Bureau issued a notice to launch two types of options products, supporting eligible small and medium -sized financial institutions to better services for SME exchange rates. In July, the Foreign Exchange Bureau issued the "Guidelines for the Management of Enterprise Exchange Risk Risk Management" to provide reference for foreign exchange rate risk management of foreign -related enterprises.

According to the data of the Foreign Exchange Bureau, with the joint efforts of all parties, the scale of the risk of management exchange rate risks of foreign exchange derivatives such as long -term and options in the first half of this year reached US $ 755.8 billion. Nearly 17,000 newly added "first households" enterprises, most of them are small and medium -sized enterprises.

Wang Chunying said that in the next step, the exchange rate risk management policy bonus will continue to be released, the blocking points of the policy implementation will be opened, and the initiative and professionalization of financial institutions will be urged to improve the risk aversion of service companies.Support the successful practice of replication and promotion of exchange rate risk management of small and medium -sized micro -enterprise business, make good use of relevant special funds to make the cost reduction to implement it.Strengthen cooperation with relevant departments, do a good job of publicity and training, continuously improve the neutral awareness of corporate exchange rate risk, and help the establishment of an effective exchange rate risk management mechanism for enterprises.Source: Xinhuanet

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