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China sees 5.1% drop in forex activities
Source: Xinhua |
December 21, 2012, Friday
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Print Edition
Print Edition
CHINA'S foreign exchange market activity has declined this year, according to a report released by the Chinese Academy of Social Sciences yesterday.
The total transaction volume of the spot foreign exchange market in the first three quarters was US$2.6 trillion, a 5.1 percent drop year on year, the CASS's Blue Book on Finance said.
The drop in transaction was accompanied by a boom in swap transactions and a rising number of traders in the market, the blue book said.
According to the book, China's total foreign exchange reserves were US$3.29 trillion at the end of September, which is flat compared to US$3.2 trillion a year ago.
These facts indicated that China's foreign economic activities have been basically stable in 2012, and the situation of the country's "double surplus" under both the current account as well as capital and financial account has been changed, according to the book.
The slowing increase in foreign reserves has abated the impact of foreign reserve increases to China's domestic monetary policies, the book said.
There is also no need for the People's Bank of China to issue central bank bills to ease liquidity in the market, according to the blue book.
The book predicted that wealth management products sold at commercial banks may lead the wealth management market in China.
A total of 23,858 kinds of wealth management products have been sold in the first three quarters of the year, which has already beaten the total sum in 2011.
The book estimates that sales this year will reach 20 trillion yuan (US$3.18 trillion) and there will be more than 30,000 kinds of products available.
The total transaction volume of the spot foreign exchange market in the first three quarters was US$2.6 trillion, a 5.1 percent drop year on year, the CASS's Blue Book on Finance said.
The drop in transaction was accompanied by a boom in swap transactions and a rising number of traders in the market, the blue book said.
According to the book, China's total foreign exchange reserves were US$3.29 trillion at the end of September, which is flat compared to US$3.2 trillion a year ago.
These facts indicated that China's foreign economic activities have been basically stable in 2012, and the situation of the country's "double surplus" under both the current account as well as capital and financial account has been changed, according to the book.
The slowing increase in foreign reserves has abated the impact of foreign reserve increases to China's domestic monetary policies, the book said.
There is also no need for the People's Bank of China to issue central bank bills to ease liquidity in the market, according to the blue book.
The book predicted that wealth management products sold at commercial banks may lead the wealth management market in China.
A total of 23,858 kinds of wealth management products have been sold in the first three quarters of the year, which has already beaten the total sum in 2011.
The book estimates that sales this year will reach 20 trillion yuan (US$3.18 trillion) and there will be more than 30,000 kinds of products available.
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