China News Service, August 15. According to the website of the State Administration of Foreign Exchange on the 15th, the State Administration of Foreign Exchange announced the data on foreign exchange settlement and sales by banks and foreign-related receipts and payments by banks in July 2022.

Wang Chunying, deputy director and spokesperson of the State Administration of Foreign Exchange, answered questions from reporters on the foreign exchange receipts and payments in July 2022.

　　Wang Chunying said that my country's foreign exchange market is generally running smoothly, and domestic foreign exchange supply and demand continue to be basically balanced.

In July, affected by seasonal factors such as dividend distribution, non-banking sectors such as enterprises and individuals showed a small deficit in foreign-related revenue and expenditure, which is a normal fluctuation within the balance range. In early August, it was a surplus of tens of billions of dollars.

The current situation of foreign-related receipts and payments has not changed the overall pattern of domestic foreign exchange supply and demand. In July, the scale of foreign exchange settlement and foreign exchange sales by banks was basically the same. Considering other supply and demand factors, domestic foreign exchange supply and demand remained basically balanced.

The scale of my country's foreign exchange reserves remained stable. As of the end of July, the balance of foreign exchange reserves was US$3,104.1 billion, an increase of US$32.8 billion from the end of June, mainly due to factors such as exchange rate conversion and changes in asset prices.

　　Wang Chunying pointed out that transactions in the foreign exchange market are rational and orderly, and the willingness to settle and sell foreign exchange remains stable.

In July, the settlement exchange rate, which measures the willingness to settle foreign exchange (the ratio of foreign exchange sales by customers to banks and the foreign exchange income of customers related to foreign exchange), was 71%, which was at a high level in recent years, up 6.1 percentage points from June; (The ratio of customers' purchases of foreign exchange from banks to customers' foreign-related foreign exchange expenditures) was 67%, an increase of 1.8 percentage points from June, and the overall stability was stable.

　　The continued surplus in the current account plays an important role in maintaining the balance between my country's foreign exchange supply and demand.

According to preliminary statistics, in the first half of the year, my country's current account surplus was 169.1 billion US dollars, a year-on-year increase of 45%; the ratio to the gross domestic product (GDP) was 1.9%, which continued to be in a reasonable and balanced range. In July, the current account continued to maintain a reasonable size surplus.

Since the beginning of this year, the surplus of foreign-related receipts and payments and foreign exchange settlement and sales in the current account have been at high levels in recent years, which is an important source of foreign exchange funds for my country.

Among them, trade in goods showed strong resilience, with a surplus of US$42.1 billion in foreign-related receipts and payments in trade in goods in July, reflecting the relative advantages of my country's industrial chain and supply chain and the achievements of its transformation and upgrading in recent years.

　　Wang Chunying said that looking forward to the future, there are still many unstable and uncertain factors in the external environment, but my country will continue to efficiently coordinate epidemic prevention and control and economic and social development, the domestic economy will continue to recover, and the long-term positive fundamentals will not change.

At the same time, the resilience of my country's foreign exchange market has been strengthened, and there are foundations and conditions to continue to maintain a stable operation.

(Zhongxin Finance)

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