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Interbank RMB transactions hit $94.17 trillion, system largely stable

Staff writer ▼ | January 11, 2016
China's interbank local currency market transactions totalled 618.12 trillion yuan ($94.17 trillion) in 2015, data showed.
Bank of China
Asia   China Foreign Exchange Trade System announced:
RMB pledge-style repo businesses, short-term RMB financing transactions with bonds as pledge of rights, account for 432.41 trillion yuan of the total, China Foreign Exchange Trade System announced.

China Development Bank, Industrial and Commercial Bank of China, Postal Savings Bank of China, Bank of China Limited and China Everbright Bank are the top five banks in terms of transaction volume.

China's financial system is "largely stable" and foreign exchange reserves are "relatively abundant", the State Administration of Foreign Exchange (SAFE) said.

The official remarks came after the Chinese yuan, under persistent depreciation pressure, dipped to a five-year low against the U.S. dollar this week.

The SAFE said in an online statement that it will further facilitate cross-border trade and investment, and continue to promote the yuan's convertibility under the capital account in an orderly manner.

The administration will strengthen the monitoring of China's balance of payments, and improve the management of foreign debt and cross-border capital flows.

The SAFE will also try to better operate and manage the country's foreign exchange reserves.