State Administration of Foreign Exchange: Banks settled RMB 1.5378 trillion in October and sold RMB 1.4081 trillion.

On November 15, the State Administration of Foreign Exchange released the data on bank foreign exchange settlement and sales, as well as bank customer foreign exchange payments for October 2024. The data shows that in October 2024, banks settled 1.5378 trillion yuan and sold 1.4081 trillion yuan. From January to October 2024, banks accumulated a total of 13.4518 trillion yuan in settlements and 14.1867 trillion yuan in sales. In terms of US dollars, in October 2024, banks settled $216.4 billion and sold $198.2 billion. From January to October 2024, banks accumulated a total of $1.8926 trillion in settlements and $1.9957 trillion in sales. At the same time, the relevant person in charge of the State Administration of Foreign Exchange answered questions from reporters about the foreign exchange receipts and payments situation in October. The full text is as follows: The State Administration of Foreign Exchange announced the bank foreign exchange settlement and sales and bank customer foreign exchange payment data for October 2024. According to the statistics from the State Administration of Foreign Exchange, in October 2024, banks settled 1.5378 trillion yuan and sold 1.4081 trillion yuan. From January to October 2024, banks accumulated a total of 13.4518 trillion yuan in settlements and 14.1867 trillion yuan in sales. In terms of US dollars, in October 2024, banks settled $216.4 billion and sold $198.2 billion. From January to October 2024, banks accumulated a total of $1.8926 trillion in settlements and $1.9957 trillion in sales. In October 2024, banks' customer foreign income was 4.3305 trillion yuan, while payments to foreign countries were 4.0976 trillion yuan. From January to October 2024, banks' customers accumulated foreign income of 41.7169 trillion yuan and payments to foreign countries of 41.4653 trillion yuan. In terms of US dollars, in October 2024, banks' customer foreign income was $609.4 billion, while payments to foreign countries were $576.7 billion. From January to October 2024, banks' customers accumulated foreign income of $58.688 trillion and payments to foreign countries of $58.332 trillion. The relevant person in charge of the State Administration of Foreign Exchange answered questions about the foreign exchange receipts and payments situation in October 2024. Recently, the State Administration of Foreign Exchange released the data on bank foreign exchange settlement and sales, as well as bank customer foreign exchange payments for October 2024. The relevant person in charge of the State Administration of Foreign Exchange answered questions about the foreign exchange receipts and payments situation in October 2024. Question: What changes have occurred in the foreign exchange receipts and payments situation in China in October 2024? The operation of the foreign exchange market in China is stable, and cross-border capital continues to flow in net. In October, cross-border receipts and payments and bank foreign exchange settlement and sales continued to show a "double surplus" situation, with non-bank sector cross-border receipts and payments, including enterprises and individuals, showing a surplus of $32.8 billion, and bank foreign exchange settlement and sales showing a surplus of $18.3 billion. The settlement rate, which measures the willingness of enterprises to settle, is at a relatively high level for the year, while the purchase rate, which measures the willingness of enterprises to buy foreign exchange, is stable with a slight decrease. Market expectations and transactions remain stable and orderly, and the domestic and foreign exchange supply and demand are basically balanced. The net inflow of funds from goods trade remains at a high level, and the flow of funds through some channels is stabilizing. China's foreign trade continues to improve, driving an increase in the net inflow of funds related to goods trade, which grew steadily in October, with a month-on-month increase of 9.7%, reaching a historical peak for the third consecutive month. The role of stabilizing the flow of cross-border funds has been further strengthened. In addition, outbound tourism and overseas study expenditures by residents, dividends and payouts by foreign-invested enterprises are decreasing from their seasonal highs, and there is a slight net inflow of funds between related enterprises in cross-border borrowing and lending. In the future, China's foreign exchange market has the foundation and conditions to maintain stable operation. Since the beginning of this year, China's economy has remained stable overall, with progress being made steadily. With the implementation of a series of policies for increasing economic vitality, the positive momentum of economic recovery is expected to continue to consolidate, providing a solid support for the fundamental role of the economy in the foreign exchange market. In recent years, China's foreign exchange market resilience has been steadily increasing, with enterprises' awareness of and ability to hedge exchange rate risks continuously improving, and with more the use of the renminbi in cross-border payments, which can better adapt to changes in the external environment. All of these factors help promote the stable operation of the foreign exchange market. This article was selected from the official website of the State Administration of Foreign Exchange, translated by GMTEight, edited by Jiang Yuanhua.