Data released by the State Administration of Foreign Exchange on February 18 showed that in January 2025, banks settled RMB 1304 billion and sold RMB 1628.8 billion. In US dollars, in January 2025, banks settled US$181.5 billion and sold US$226.8 billion.
In January 2025, banks’ foreign-related income on behalf of customers was RMB 4370.7 billion and foreign payments were RMB 456.13 billion. In US dollars, in January 2025, banks had US$608.4 billion in foreign revenue on behalf of customers and US$635 billion in foreign payments.
“Since this year, my country’s foreign exchange market has remained stable and orderly, and will continue to operate smoothly in the future with the foundation and conditions.” The State Administration of Foreign Exchange stated that, first, my country’s high-quality development continues to advance, and the integration of scientific and technological innovation and industrial innovation are in a more active and proactive manner. Driven by macro policies, the economic recovery and positive trend will be further consolidated and provide strong support for the foreign exchange market.
Second, my country’s foreign-related economy is highly resilient. In January, the net inflow of cross-border funds under the trade in goods was US$70 billion, a record high in the same period. Foreign capital steadily net purchases of domestic bonds, and its willingness to hold RMB assets remained stable. In late January, foreign-related income and expenditure have turned into surpluses, and since February, the surplus trend has continued, and the bank’s foreign exchange settlement and sale have basically balanced.
Third, in recent years, my country’s foreign exchange market has been continuously expanding in depth, enterprises have improved their awareness and ability to avoid exchange rates, and the cross-border use of the RMB has increased significantly, which can better alleviate external shocks and help market transactions be more rational and orderly.
In addition, the State Administration of Foreign Exchange stated that the two-in-one management framework of my country’s foreign exchange market “macroprudential + micro-regulation” is constantly being improved, with rich countercyclical adjustment tools, and the ability to maintain the basic stability of the RMB exchange rate at a reasonable equilibrium level and maintain the foreign exchange market. Run smoothly.
(Peng Yang)
[Editor in charge: Li Haipeng]
