China’s Foreign Exchange Market Shows Stable Performance Amid Global Fluctuations

Beijing: China's foreign exchange market maintained stable performance in April, with cross-border capital inflows returning to the country. According to Yemen News Agency, citing data from the State Administration of Foreign Exchange (SAFE), total foreign exchange settlements by banks last month reached US$257.3 billion, while sales amounted to US$217.2 billion. SAFE added that during the first four months of this year, foreign exchange settlements by banks reached US$1.0237 trillion, while sales reached US$844.9 billion. SAFE Vice Chairman and spokesperson Li Bin stated that China's foreign exchange market remained generally stable despite fluctuations in international financial markets caused by geopolitical conditions. Foreign-related transactions remained active. Last April, total cross-border revenues and payments by institutions, individuals, and other non-bank sectors reached US$1.6 trillion, a 15 percent year-on-year increase, while foreign exchange market turnover held at a relatively high level of US$3.7 trillion, the spokesperson said. He noted that companies have also become more adept at managing exchange rate risks and more rational in their foreign currency transactions. He added that companies' willingness to settle foreign exchange remained stable with a slight decrease in April, and the settlement rate for foreign exchange proceeds declined slightly from the previous month, indicating that market expectations remained largely stable.