Chinese banks report forex settlement surplus in H1
Updated 15:46, 22-Jul-2022

China's commercial banks saw a net forex settlement surplus of $85.2 billion in the first half of this year, the country's forex regulator said Friday.

China's forex market showed stronger resilience over the first half of the year in the face of reoccurring pandemic and weakened global economic prospects, said Wang Chunying, deputy director of the State Administration of Foreign Exchange. 

The RMB exchange rate was relatively stable in the first six months of the year, said Wang. The U.S. dollar index jumped more than 11 percent this year. The euro, pound and yen have depreciated between 10 and 17 percent against the dollar, while the RMB depreciated by 5.8 percent against the greenback.

In the second half of the year, the RMB exchange rate will remain basically stable at a reasonable and balanced level as the Chinese economy rebounds, said Wang.

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