China's foreign exchange market reports continued stability in July

BEIJING, Aug. 15 (Xinhua) -- China's foreign exchange market maintained steady operations in July, reporting stable market expectations and cross-border capital flows, the State Administration of Foreign Exchange said on Friday.

In July, foreign exchange purchases and sales conducted by banks rose 12 percent and 16 percent month on month. The sector registered a foreign exchange settlement surplus of 22.8 billion U.S. dollars, continuing a surplus trend, according to data released by the administration.

Last month, cross-border receipts and payments by non-banking entities such as enterprises or individuals remained at historically high levels, with overall inflows and outflows broadly balanced, said Li Bin, deputy head of the administration.

Net capital inflows from the trade of goods rose 33 percent month on month to remain at a high level, while net outflows related to investment income and trade in services increased 7 percent and 34 percent, mainly due to seasonal factors such as residents' overseas travel during the summer and corporate dividend payouts, Li said.

He said that China's steady, high-quality economic development, along with the increasing resilience of its foreign exchange market, will continue to provide strong support for the market's sound, stable performance. ■