Bank foreign currency deposits increased by US$129.7 billion in the first half of the year
Xinhua News Agency, Beijing, July 23 (Reporter Liu Kaixiong) At the press conference of the State Council Information Office on the 23rd, Wang Chunying, deputy director and spokesperson of the State Administration of Foreign Exchange, revealed that as of the end of June this year, the balance of foreign currency deposits in banks exceeded 1 trillion. US dollars; in the first half of this year, bank foreign currency deposits increased by 129.7 billion US dollars.
Wang Chunying introduced that about one-third of the bank's foreign currency deposit balance was deposited by overseas non-residents, and 2/3 was deposited by domestic residents.
Among the new foreign currency deposits in the first half of the year, foreign non-resident deposits accounted for US$64 billion, accounting for 49%, and domestic deposits accounted for 51%.
"From the perspective of overseas deposits, it is mainly the overseas listing of overseas Chinese-funded enterprises and the deposit of funds raised after issuing bonds. It has little impact on the net flow of cross-border funds and the supply and demand of foreign exchange." Wang Chunying said that the surplus in trade in goods is the driving force. The main reason for the growth of domestic foreign currency deposits.
In the first half of this year, the cross-border surplus of trade in goods was close to 160 billion U.S. dollars, a year-on-year increase of 74%.
The increase in domestic foreign currency deposits reflects the more rational expectations of companies.
Wang Chunying said that in recent years, market entities such as enterprises have more stable exchange rate expectations, foreign exchange transactions have become more mature, domestic and foreign currency fund management has become more rational, and there has been no particularly strong unilateral appreciation and devaluation expectations.
The rise in domestic foreign currency deposits has increased the external assets of banks and helped to achieve an autonomous balance of international payments.
“The current account surplus of the corporate sector is not settled, but deposited in banks. Since the beginning of this year, the banking sector has used part of the foreign currency deposits it has absorbed overseas, increasing net foreign assets.” Wang Chunying said that this part of the funds actually helped Autonomous balance of international payments.
Finally, Wang Chunying believes that the trend of foreign currency deposits will stabilize.
"The production and living activities at home and abroad are recovering to normal, the trade in goods will run more smoothly, and the external financial market conditions will also undergo some changes." Wang Chunying said, judging from the situation in May and June, the growth rate of foreign currency deposits There has been a gradual slowdown.