China’s cross-border revenue and expenditure by non-banking sectors soared to an impressive $7.6 trillion in the first half of this year, marking a 10.4% increase compared to the same period last year. This milestone sets a new record for China’s financial interactions with the global economy.
Li Bin, deputy director of the State Administration of Foreign Exchange, announced the figures at a press conference on Tuesday. He highlighted that the Chinese renminbi (RMB) accounted for 53% of these transactions, showcasing the growing international influence of China’s currency.
In the period from January to June, the net inflow of funds reached $127.3 billion. Notably, the second quarter saw a 46% quarter-on-quarter growth in net inflow, indicating strong momentum in China’s financial connectivity with the world.
As of the end of June, China’s foreign exchange reserves stood at $3.3174 trillion, an increase of $11.51 billion from the end of last year. This growth underscores China’s significant role in global trade and finance, reflecting the resilience and vitality of its economy amid global challenges.
These developments not only highlight China’s expanding economic footprint but also signal opportunities for increased global collaboration. With more than half of its cross-border transactions now conducted in RMB, China is cementing its position as a pivotal player in international finance.
