Last updated at: (Beijing Time) Friday, April 25, 2003
Shanghai Sees 39 Percent Rise in Foreign Currency Revenue
Shanghai, the biggest industrialcity in China, recorded a 39 percent increase in foreign currency revenue in the first quarter of this year over the same period of last year to 13.3 billion US dollars, officials said Thursday.
Shanghai, the biggest industrialcity in China, recorded a 39 percent increase in foreign currency revenue in the first quarter of this year over the same period of last year to 13.3 billion US dollars, officials said Thursday.
An official of the Shanghai office under the State Administration of Foreign Exchange said total expenditure in foreign exchange during the quarter totaled 13.84 billion US dollars.
The official said the prospect of balance of payments in foreign exchange remained good in general despite the deficit in small sums.
The economy was growing rapidly and people had confidence in the country's economy and the stability of the Chinese currency, the official explained.
The foreign exchange administration office has issued a number of policies and measures to improve the monitoring of the flow of foreign exchange and management of foreign exchange in current accounts as the scale of the income and expenditure in foreign exchange continues to expand.