China reports $14.2b forex settlement

Updated: 2020-03-21

  China reported a surplus of $14.2 billion foreign exchange settlement by banks in February, with stable capital net inflows in the non-banking sector amid the novel coronavirus outbreak, the State Administration of Foreign Exchange, the country's foreign exchange regulator, announced on Friday.

  Last month, individuals and businesses in the non-banking sector recorded net capital inflows of $9.6 billion, up 5 percent from January, the SAFE said, which has supported a basic balance in the foreign exchange market.

  "China's foreign exchange reserve remained stable in February, and the renminbi exchange rate floated within a reasonable range, with still stable expectations," said Wang Chunying, a spokeswoman of the SAFE.

  Wang disclosed that last month, foreign investors increase holdings of onshore bonds by a net of $14 billion, compared with $1.4 billion in January.

  "China is deepening opening-up and reform, with progress in production resumption as the epidemic is being controlled. As the internationalization of China's capital market is continuing, renminbi-denominated assets are attractive, which will provide the foundation for a stable foreign exchange market," Wang said.

  Source: China Daily

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