China's forex market shows strong resilience, maintains stable operation in 2024: deputy governor

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China's forex market shows strong resilience, maintains stable operation in 2024: deputy governor

2024-06-20 13:59 Last Updated At：16:27

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.

Ukrainian parliament to vote on natural resources deal with U.S. on May 8

2025-05-02 22:32 Last Updated At：05-03 00:17

The Ukrainian Verkhovna Rada, the country's parliament, will hold a vote on May 8 to ratify a natural resources agreement signed with the United States earlier this week.

The U.S. Treasury Department announced on Wednesday an agreement between the two countries to establish the U.S.-Ukraine Reconstruction Investment Fund, which will give the U.S. preferential access to some of Ukraine's natural resources.

The fund will become operational within a month to a month and a half after the agreement is approved by the Ukrainian parliament, according to Ukraine's First Deputy Prime Minister and Economy Minister Yulia Svyrydenko on Friday.

Speaking to Ukrainian media, the minister expressed her hope for the early launch of the fund, saying it should become a tool for the recovery and development of key sectors of the Ukrainian economy.

Also on Friday, Ukrainian Prime Minister Denys Shmyhal said that the follow-up technical documents for the fund will not be intergovernmental, but will be signed at the institutional level.

He said that the follow-up agreements will be of an implementation nature between Ukraine's designated agency and the U.S. International Development Finance Corporation (DFC), and therefore will not require ratification by the parliament.

Although there are no formal security guarantees in the agreement, but each new military assistance provided by the U.S. to Ukraine is considered a capital contribution, which will encourage the U.S. administration to continue and not to stop supplying Ukraine with weapons and intelligence, said the Ukrainian Prime Minister, who also called on the legislature to ratify the agreement as soon as possible.