BEIJING: China’s commercial banks experienced a foreign exchange settlement deficit amounting to $121.3 billion during the first three quarters of this year.
According to Emirates News Agency, the data, as cited by Xinhua News Agency, highlights a significant movement towards equilibrium in China’s cross-border capital flows since the start of the year. Li Hongyan, the Deputy Head of the State Administration of Foreign Exchange, emphasized the resilience of the foreign exchange market during a press conference. He noted that market expectations and transactions have remained rational and orderly, contributing to the stability of the RMB exchange rate at a reasonable and balanced level.