China's foreign exchange market transaction volume reached 23 trillion U.S. dollars in the first seven months of the year, marking an 8.7 percent increase compared to the same period last year, the State Administration of Foreign Exchange (SAFE) said on Thursday.
Alongside the rise in forex market turnover, foreign investment in Chinese bonds has also climbed. By the end of July, foreign holdings of Chinese bonds reached a new high of 4.5 trillion yuan (around 634 billion U.S. dollars), according to data from the People's Bank of China (PBOC) released on the same day.
Lu Lei, deputy governor of the PBOC, said at a press conference in Beijing that more efforts will be made to engage with global financial institutions after the Chinese yuan hit a record high in July to rank as the second biggest currency in terms of global payments.
"Foreign holdings of Chinese bonds reached 4.5 trillion yuan by the end of July, hitting a new high. In addition, the Chinese yuan's share of global trade finance reached 6 percent, ranking second worldwide. China will further strengthen communication and cooperation with international financial bodies and major economies' monetary authorities. The goal is to actively engage in global financial governance and increase openness through expanded international cooperation," said Lu.
In recent years, China's forex market has been expanding, with reserves consistently exceeding 3 trillion U.S. dollars for 19 years, the highest in the world. Now, China offers trading in over 40 currencies and covers all major international forex products, which comes amid the country's continued efforts to promote the reform and opening-up of the foreign exchange sector.
"In the first seven months of this year, China's forex market saw nearly 23 trillion U.S. dollars in transactions, up 8.7 percent from the same period last year. During this time, over 20,000 businesses used currency hedging for the first time, and more companies managed exchange rate risks with forex derivatives," said Li Hongyan, deputy head of the SAFE.
China's forex market turnover sees 8.7 pct rise from Jan-July period
The ongoing China International Fair for Trade in Services (CIFTIS) has attracted scores of new participants this year, with repeat participants also making their mark at the fair.
Themed "Global Services, Shared Prosperity," the trade fair, opened in China's capital city Beijing on Thursday and runs till Monday.
The CIFTIS is becoming more and more international, with a total of 36 Belt and Road partners showcasing their products.
Tharaka Dissanayake who works at the Sri Lankan Embassy in China has participated in the fair many times. He came to promote tea culture this time and believes that tea culture can better strengthen cooperation and exchanges between the two countries.
"For any commodity, it's a huge market. Obviously, this is one of the greatest platforms close to the Chinese consumer, to introduce ourselves, introduce our products, whatever the services or innovation," said Abeysekara, third secretary of the Sri Lankan Embassy in China.
An old friend of the fair was playing an African drum and the rhythmic sound attracted a large crowd.
"I'm here again. Many people took my WeChat and my contact, my number. So they called me, they ordered and they need more," said a Ghanaian exhibitor.
Dewi Avilia, Counselor for Social and Cultural Affairs at the Indonesian Embassy in China, is also attending the exhibition for the second time. She emphasized the need to promote cultural tourism as recent policies have made it easy for more Indonesian friends to travel to China.
"Chengdu and Chongqing have become two of the most popular tourist destinations for Indonesia. A lot of people now are not only talking about Shanghai, but are also talking about Chengdu, visiting the pandas and also Chongqing, because of the landscape. I think it is a good start," said Avilia.
This year's fair has also attracted huge number of new participants showcasing quality products.
"This is my first time. It's a great opportunity that we are able to showcase our products and to let people know about Uganda and Ugandan culture," said Mukisa Joseph, a Ugandan exhibitor.
"The expectations about this fair is to meet many people in the coffee industry. So far we have had a lot of consumers who are interested in roasted coffee. I'm still expecting more," said Mutijima Emma, a Rwandan exhibitor.
An Uzbek exhibitor, who is also a newcomer, initially intended to use this platform to promote his goods, but unexpectedly met partners from many other countries and found potential business opportunities here.
"This is a good platform to see the different global products and see the Chinese market all together. I met so many different people, but I also met many foreign people who are interested in our products. So I call these kind of events more like a globalization event," said Asilbek Khonkhujaev, an Uzbek exhibitor.
The fair has attracted attendees from 85 countries and international organizations, with over 450 Fortune 500 enterprises and companies taking the lead in their respective industries.
Newcomers, old friends gather at CIFTIS to seek new opportunities
