Wang Chunying, deputy director of the China State Administration of Foreign Exchange, said that the proportion of RMB in cross -border use will continue to rise, which will help reduce the risk of currency mismatch in cross -border transactions.
Wang Chunying made the above statement when answering questions at the first quarter of the first quarter foreign exchange income payments data held at the New National Office on Friday (April 21).
Looking forward to China's foreign exchange market trend this year, Wang Chunying said that from the perspective of the development trend of the economic situation at home and abroad and the development characteristics of the Chinese foreign exchange market, under the dual support of the macroeconomic fundamentals and the internal toughness of the foreign exchange market, the Chinese foreign exchange marketMore conditioned and more foundation maintains stability.
She pointed out that China's economy has resumed better, further consolidating the internal foundation of the smooth operation of the foreign exchange market.The current Chinese economy has risen, and the GDP in the first quarter increased by 4.5%year -on -year, which highlights the toughness, potential and vitality of China's economic development, and the market expects to improve significantly.Since the beginning of this year, the scale of the Fed's tightening monetary policy has slowed. The market generally expects that the Federal Reserve's interest rate hikes may be close to the end. The momentum of continuous appreciation of the US dollar has weakened, and the extent of the spread of China and the United States has converged. Therefore, the impact on China may weaken.
She said that the toughness of the Chinese foreign exchange market has gradually increased, which can better adapt to changes in external environment.The elasticity of the RMB exchange rate is enhanced, the market entity has further deepened the understanding of the exchange rate's two -way fluctuations and cognition, the exchange rate is expected to be more stable, and the role of exchange rate regulation of international revenue and expenditure and macroeconomic automatic stabilizers is more obvious.
She also said that the proportion of RMB in cross -border use has continued to rise, nearly 50%in 2022, and the proportion of this year has further increased, which helps reduce currency mismatches in cross -border transactions in cross -border transactionsrisk.The concept of exchange rate risk neutrality is continuously popularized and promoted. More companies understand the knowledge of exchange rate risk management through various publicity and learning, and the adaptability of exchange rate fluctuations is significantly enhanced.
Wang Chunying finally said that in general, the maturity of the foreign exchange market and the rationality of the market subject have been continuously improved, and the inherent positive factor of stable foreign exchange market has been formed.Therefore, the Chinese foreign exchange market has more foundation and conditions to maintain stability.At the same time, the external environment still has unstable and uncertain factors. In this regard, China will continue to strengthen statistical monitoring, analyze the influencing factors in all aspects, continue to summarize the experience of preventing external risks, and continuously enrich the macro -prudential management and micro supervision toolboxes, and maintain their best to maintainThe Chinese foreign exchange market is stable and national economic and financial security.
