my country's cross-border capital flow remained stable in the first three quarters

In the first three quarters, my country's cross-border capital flow maintained steady operation, and foreign exchange reserves rose steadily

Economic stability restores to promote balance of international payments

　　Our reporter Wu Qiuyu

　　"In general, China's cross-border capital flow has maintained stable operation in the first three quarters, and the supply and demand of the foreign exchange market have continued to be basically balanced." On October 23, at the press conference of the State Administration of Foreign Exchange, the deputy director and the press spoke When introducing China’s foreign exchange receipts and expenditures in the first three quarters, Wang Chunying said that since this year, China has coordinated the promotion of epidemic prevention and control and economic and social development, the domestic economy has recovered steadily, and the recovery momentum is leading the world, which has effectively promoted China’s international balance of payments and foreign exchange market stability. .

　　According to Wang Chunying, the scale of my country's foreign exchange reserves rose steadily in the first three quarters. As of the end of September, the balance of foreign exchange reserves was 3142.6 billion US dollars, an increase of 34.6 billion US dollars from the end of 2019.

　　According to the bank's foreign exchange settlement and sales data, in the first three quarters, in US dollars, bank settlements were 1,466.3 billion US dollars, and 1390.1 billion US dollars were sold, with a surplus of 76.2 billion US dollars. In RMB, bank settlements were 10.25 trillion yuan, and foreign exchange sales were 9.71 One trillion yuan, with a foreign exchange settlement and sales surplus of 535.7 billion yuan.

According to the data of foreign-related receipts and payments of banks on behalf of clients, in US dollars, the foreign-related income of banks on behalf of clients was 315.5 billion US dollars, foreign payments were US$3,068.1 billion, and the surplus of foreign-related receipts and payments was 37.4 billion US dollars; in RMB, the foreign-related income of banks on behalf of clients was 21.70 trillion yuan. , Foreign payments were 21.44 trillion yuan, and foreign-related receipts and payments had a surplus of 260 billion yuan.

　　In addition, in the first three quarters, the sales exchange rate, which measures the willingness to purchase foreign exchange, has declined. The domestic and cross-border foreign exchange financing willingness of enterprises has generally risen steadily. The settlement exchange rate, which measures the willingness to settle foreign exchange, is generally stable, and the willingness of market entities to hold foreign exchange is rational.

　　"The recent appreciation of the renminbi is mainly supported by economic fundamentals." In response to the issue of renminbi appreciation, which is currently concerned by the society, Wang Chunying said that the current situation of my country’s exports is good, and long-term overseas funds have increased the holdings of renminbi assets in an orderly manner. Under the managed floating exchange rate system, market supply and demand play a decisive role in exchange rate formation.

Wang Chunying said that the SAFE will further cooperate with the People's Bank of China to continue to deepen the reform of the RMB exchange rate market, maintain the basic stability of the RMB exchange rate at a reasonable and balanced level, insist on promoting the two-way opening of the financial market, and improve cross-border trade and investment facilitation.

　　When analyzing the current situation of foreign exchange receipts and payments, Wang Chunying said that since the beginning of this year, the new crown pneumonia epidemic has seriously affected the stability of the global economy and finance. China’s foreign exchange receipts and payments face a complex and severe external environment. However, under the support of domestic economic fundamentals, China’s international payments The balance of expenditure operations was better than expected, the stability of the RMB exchange rate was better than expected, the rationality of foreign exchange market transactions was better than expected, and the activity of cross-border two-way investment was better than expected.

　　In terms of international payments, in the first half of the year, my country’s current account maintained a surplus of US$76.5 billion, accounting for 1.2% of GDP, and continued to stay within a reasonable balance range.

"From the data released in the third quarter, the scale of imports and exports of trade in goods reached a new high. At the same time, due to the impact of the epidemic, expenditures on cross-border trade in services were still declining, and the deficit in trade in services was still narrowing. Under the influence of these two factors, we It is believed that the current account of China's balance of payments in the third quarter can still be maintained in a basically balanced state." Wang Chunying said.

　　Regarding the RMB exchange rate, since the beginning of this year, the RMB exchange rate has risen and depreciated, forming a two-way fluctuation pattern and maintaining a relatively high degree of flexibility.

"In the future, the RMB exchange rate will still fluctuate around a reasonable equilibrium level." Wang Chunying said.

　　In terms of foreign exchange settlement and sales, market behavior is more rational, and foreign exchange supply and demand continue to show a basic balance.

　　In terms of cross-border capital flows, cross-border two-way investment is still active, and cross-border capital flows are stable and orderly.

From the perspective of foreign capital inflows into China, from January to September this year, foreign direct investment in China was US$103.3 billion, an increase of 2.5%, and an increase of 18% in the third quarter; foreign investors increased their domestic bonds and stocks to US$132.1 billion, an increase of 47% .

In terms of cross-border capital outflows, my country’s foreign direct investment in the first three quarters of this year was US$78.9 billion, a slight drop of 2.6% year-on-year; domestic entities purchased 424.4 billion yuan of Hong Kong stocks through “Southbound Stock Connect”.

　　"Looking forward, with the support of domestic economic, policy, market and other factors, China's foreign exchange market is able to continue its steady development trend." Wang Chunying said.