China's Forex Transaction Volume Surges-Shanghai Metals Market

Hot Keywords

  • Zinc
  • Nickel
  • Copper scrap
  • Aluminium
  • Inventory data
  • Rare earth
  • NPI
  • Copper
  • Lead
  • Iron ore
  • Excavator
  • Production data
  • Market commentary
  • Futures movement
  • Nickel sulphate

China's Forex Transaction Volume Surges

Data Analysis 09:35:07AM Feb 14, 2012 Source:SMM

BEIJING, Feb 14 -- China's foreign exchange market saw its transaction volume hit 14.2 trillion U.S. dollars in 2011, up four times from 2006, the country's forex regulator said Monday.

From 2007 to 2011, forex transaction volumes soared by an annual average of 40.3 percent, the State Administration of Foreign Exchange (SAFE) said in a statement.

The daily average transaction volume reached 58.1 billion U.S. dollars in 2011, it said.

The SAFE has diversified forex trade and increased the number of forex dealers to improve the market's ability to allocate financial resources, according to the statement.

China allowed the direct trading of the yuan against the Australian and Canadian dollars in November last year, following the introduction of the Malaysian ringgit and the Russian ruble into the interbank forex market in 2010.

A total of nine foreign currencies, including the U.S. dollar, HK dollar, Japanese yen, euro and British pound, can be traded on China's interbank foreign exchange market.

The SAFE said it will continue to facilitate the development of the forex market to support China's economic growth.

Price

more
Aluminum Ingot
Jul.15
13800.0
80.0
(0.58%)
Aluminum Ingot - Fo Shan
Jul.15
13820.0
80.0
(0.58%)
Aluminum Ingot - Wu Xi
Jul.15
13810.0
90.0
(0.66%)
Aluminum Ingot - Hang Zhou
Jul.15
13835.0
95.0
(0.69%)
Aluminum Ingot - Chong Qing
Jul.15
13810.0
70.0
(0.51%)

China's Forex Transaction Volume Surges

Data Analysis 09:35:07AM Feb 14, 2012 Source:SMM

BEIJING, Feb 14 -- China's foreign exchange market saw its transaction volume hit 14.2 trillion U.S. dollars in 2011, up four times from 2006, the country's forex regulator said Monday.

From 2007 to 2011, forex transaction volumes soared by an annual average of 40.3 percent, the State Administration of Foreign Exchange (SAFE) said in a statement.

The daily average transaction volume reached 58.1 billion U.S. dollars in 2011, it said.

The SAFE has diversified forex trade and increased the number of forex dealers to improve the market's ability to allocate financial resources, according to the statement.

China allowed the direct trading of the yuan against the Australian and Canadian dollars in November last year, following the introduction of the Malaysian ringgit and the Russian ruble into the interbank forex market in 2010.

A total of nine foreign currencies, including the U.S. dollar, HK dollar, Japanese yen, euro and British pound, can be traded on China's interbank foreign exchange market.

The SAFE said it will continue to facilitate the development of the forex market to support China's economic growth.