China News Service, January 18. According to news from the website of the State Administration of Foreign Exchange on the 18th, Wang Chunying, deputy director and spokesperson of the State Administration of Foreign Exchange, answered questions from reporters on the situation of foreign exchange receipts and payments in 2022.

In 2022, my country's foreign exchange receipts and payments will remain generally stable under the complex and severe external environment. What are the main reasons?

　　Wang Chunying said that in 2022, affected by multiple factors such as "high inflation" and "tight currency" in major economies, the international financial market will fluctuate violently. Major international currencies such as the British pound have hit new lows in the past two or three decades.

The operation of my country's foreign exchange market has generally withstood the test. The RMB exchange rate is relatively stable among the world's major currencies. my country's cross-border capital flows are more balanced. This is mainly due to two supporting factors, which are manifested in two "resilience enhancements".

　　On the one hand, the domestic economy, especially the foreign-related economy, has become more resilient, and the stable operation of the balance of payments has been effectively guaranteed.

First, the basic balance of payments surplus, such as the current account and direct investment, has played a leading role in stabilizing cross-border capital flows.

In the first three quarters of 2022, my country's current account surplus was 310.7 billion US dollars, the highest value in the same period of time, and the ratio to the gross domestic product (GDP) in the same period was 2.4%, which was in a reasonable and balanced range; at the same time, foreign direct investment maintained a net inflow, reflecting the my country's advantages in the industrial chain supply chain and the unified national market have also shown the effects of policy measures such as stabilizing foreign trade and foreign investment.

Second, the external debt structure is generally optimized, and risks are generally controllable.

In recent years, the type structure, currency structure, and term structure of external debt have been optimized, and the adjustment of traditional financing external debt such as deposits and loans has been relatively stable.

　　On the other hand, the resilience of the foreign exchange market has been enhanced, and the ability to adapt to changes in the external environment has been greatly improved.

First, the continuous improvement of the RMB exchange rate formation mechanism and the gradual increase in the flexibility of the exchange rate will help to release external pressure in a timely manner, and the role of automatic stabilizers in adjusting the balance of payments will become more obvious.

Second, the increasing proportion of RMB in cross-border use will help reduce the risk of currency mismatch in cross-border transactions.

In 2022, RMB payments will account for nearly 50% of my country's cross-border payments, an increase of more than 20 percentage points from 2016.

Third, market entities actively manage exchange rate risks and carry out more hedging operations, significantly enhancing their adaptability to exchange rate fluctuations.

In 2022, the foreign exchange hedging ratio of enterprises will be 24%, an increase of 11 percentage points from 2016.

In addition, the two-in-one management framework of "macro-prudential + micro-supervision" in the foreign exchange market has been continuously improved, providing a benign and healthy market environment for the smooth flow of cross-border funds and rational transactions in the foreign exchange market.

(China New Finance and Economics)

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