China's foreign exchange market has shown strong resilience and maintained stable operation in 2024, despite the complicated and changing external environment, said Zhu Hexin, deputy governor of the People's Bank of China, in Shanghai on Wednesday.
Speaking at the 2024 Lujiazui Forum, Zhu, also the head of the State Administration of Foreign Exchange, said the exchange rates of the Chinese yuan against major currencies have experienced both appreciation and depreciation.
However, Zhu emphasized that the exchange rate of Chinese yuan has remained relatively stable against a basket of currencies, indicating a more stable outlook for the yuan's exchange rate.
The balance of payments has sustained a basic equilibrium, and the current account has maintained a reasonable surplus, further solidifying their role in stabilizing the foreign exchange market, said Zhu.
Zhu stated that foreign investors exhibit a favorable inclination in allocating assets in Chinese yuan, adding that the size of foreign exchange reserves remains stable at over 3.2 trillion U.S. dollars.
According to Zhu, China's solid economic fundamentals and market resilience will continue to underpin the stable operation of its foreign exchange market in the future.
Themed "Promoting World Economic Growth with High-Quality Financial Development", the two-day 2024 Lujiazui Forum, a major financial event, kicked off in Shanghai on Wednesday.
China's forex market shows strong resilience, maintains stable operation in 2024: deputy governor
China's forex market shows strong resilience, maintains stable operation in 2024: deputy governor
China's forex market shows strong resilience, maintains stable operation in 2024: deputy governor
China's forex market shows strong resilience, maintains stable operation in 2024: deputy governor
