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China's foreign exchange market activity declines: report


08:26, December 21, 2012

BEIJING, Dec. 20 (Xinhua) -- China's foreign exchange market activity has declined this year, according to a report released by the Chinese Academy of Social Sciences (CASS) on Thursday.

Total transaction volume of the spot foreign exchange market in the first three quarters was 2.6 trillion U.S. dollars, marking a 5.1 percent drop year on year, the CASS's Blue Book on Finance said.

Accompanying the weakening was a boom in swap transactions and an increasing number of transactors in the market, the blue book said.

According to the book, China's total foreign exchange reserves reached 3.29 trillion dollars at the end of September, which is flat compared to the figure of 3.2 trillion a year ago.

These facts indicated that China's foreign economic activities have been basically stable into 2012, and the situation of the country's "double surplus" under both the current account as well as capital and financial account has been changed, according to the book.

The slowing increase in foreign reserves has abated the impact of foreign reserve rises to China's domestic monetary policies, and there is no need for the Central Bank to issue central bank bills to ease liquidity in the market, the blue book said.

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