BEIJING, 22nd January 2016 (WAM) — China’s foreign exchange (forex) market posted turnover of 110.93 trillion yuan (16.7 trillion U.S. dollars) last year, the State Administration of Foreign Exchange (SAFE) said on Friday.
It is the first time the annual turnover of the country’s forex market has been released, according to the SAFE, state news agency,Xinhua, reported .
In December, forex market turnover totaled 12.17 trillion yuan, including 2.46 trillion yuan in forex transactions between banks and their clients, 9.71 trillion yuan in interbank forex transactions, 5.53 trillion yuan in transactions on the spot forex market and 6.64 trillion yuan in forex derivatives transactions.
It is forecast that forex market turnover will continue to rise this year as more overseas investors enter China’s forex market.
In 2015, China opened its interbank forex market to overseas central banks and similar institutions to promote a market-oriented and more transparent interbank forex market.
So far, 14 overseas central banks and similar institutions have been allowed to trade in China’s interbank forex market.