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Economy

【Financial Str. Release】Chinese banks see net forex purchase in 2022

January 19, 2023


Abstract : Chinese banks reported a net foreign exchange purchase and stable cross-border capital flows in 2022, an official with the country's forex regulator said Wednesday.

Trucks transport containers at the international container terminal of Taizhou Port in Taizhou, east China's Jiangsu Province, Jan. 17, 2023.(Photo by Tang Dehong/Xinhua)

BEIJING, Jan. 18 (Xinhua) -- Chinese banks reported a net foreign exchange purchase and stable cross-border capital flows in 2022, an official with the country's forex regulator said Wednesday.

The banks recorded a net forex purchase of 107.3 billion U.S. dollars in 2022, said Wang Chunying, deputy head of the State Administration of Foreign Exchange.

China's currency, the renminbi, remained generally stable at a reasonable and equilibrium level last year, with its two-way fluctuation and strong flexibility, Wang said.

Current account and foreign direct investment surpluses helped stabilize cross-border capital flows, Wang noted, adding that China's current account is expected to record a surplus at a balanced level in 2023.

The administration's earlier data showed that China's forex reserves stood at 3.1277 trillion dollars at the end of 2022.

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Keyword: Financial Str. Release forex purchase

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