In the first quarter, China's foreign exchange market was stable, and cross-border capital flow

The Information Office of the State Council held a press conference on the 23rd to introduce the data of foreign exchange revenue and expenditure in the first quarter of this year, according to the news and newspaper digest of voice of China Central Radio and television. China's foreign exchange market is running smoothly, cross-border capital flows are generally stable, and the balance of international payments is basically balanced.

According to the data of foreign exchange settlement and sales of banks, in the first quarter of 2021, the foreign exchange settlement and sales of banks were 590.2 billion US dollars, 501.6 billion US dollars and 88.5 billion US dollars respectively. According to the data of foreign collection and payment on behalf of customers, the foreign collection and payment surplus is 121.3 billion US dollars.

Wang Chunying, deputy director of the State Administration of foreign exchange and spokesman, said that this year China's foreign exchange market has always been characterized by resilience, rationality and balance.

Wang Chunying: in the medium and long term, the foundation for China's foreign exchange market to maintain stable operation in the future is still solid. First, the new development pattern helps to maintain the balance of international payments. Second, the new development concept helps to maintain the stability of RMB exchange rate. Third, the steady promotion of opening up is conducive to the balanced flow of cross-border capital. Fourth, the flexible RMB exchange rate plays an automatic "stabilizer" role in adjusting the balance of payments, which is conducive to the independent adjustment and balance of the foreign exchange market.

At present, under the background of US economic stabilization and rising inflation expectations, the market is worried that the Federal Reserve will end its loose monetary policy ahead of schedule, which will have an impact on China's foreign exchange market. Wang Chunying responded to this.

Wang Chunying: from the perspective of the domestic foreign exchange market, under this round of loose monetary policy, China has not accumulated excessive foreign debt, and the market risk mitigation capacity is constantly improving. It should be said that we still have the conditions to maintain the balance of payments and the foreign exchange market.

Source: cctv.com