China's SAFE: Yuan Exchange Rate Remarkably steady Despite the Strength of the US dollar.

The State Administration of Foreign Exchange (SAFE), China's FX supervisor, commented on the currency on Friday, stating that the "yuan exchange rate prominently stable despite the US dollar strength."

July 22, 2022 - 12:36 PM 329 views

China's SAFE: Yuan Exchange Rate Remarkably steady Despite the Strength of the US dollar.

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© China's SAFE: Yuan Exchange Rate Remarkably steady Despite the Strength of the US dollar.

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The State Administration of Foreign Exchange (SAFE), China's FX supervisor, commented on the currency on Friday, stating that the "yuan exchange rate prominently stable despite the US dollar strength."

Key Quotes

Cross-border lending for businesses remained steady in H1.

The volume of FX derivative trade keeps expanding as FX reserves remain mostly constant.

Emerging market capital has recently been leaving those markets.

China's bond market has greatly increased in importance and appeal.

The bond market in China has far lower volatility than other established and emerging markets, indicating a high level of stability.

The FX market's resiliency may be enhanced by further opening up China's bond market.

Bonds denominated in yuan will continue to see steadily rising investment from confident foreign investors.

This year, the remittance of profits by foreign companies is reasonable and organised.

The impact of such profit transfers on international capital flows is under control.

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