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B Share Produces No Impact on Forex Market
China's inter-bank foreign exchange transactions increased markedly in the first quarter with supply exceeding demand and RMB exchange rate keeping stable. The US Federal Reserve has reduced its interest rates three times, while China's opening of B share market brings no direct impacts on its foreign exchange market.
China's foreign exchange market concluded a total of 61 transactions in the first quarter, with a daily transaction amount of US$ 275 million, an increase of 78 percent over the same period of last year.
The transaction volume for US dollar, HK dollar and Japanese yen in the first quarter was US $ 16.575 bn, HK $ 525 million and 14.830 bn for Japanese yen, respectively.
The weighted average of US dollar early this year was RMB 8.2779/US$1, and 8.2777 by the end of March, a rise of 3 base points against 8.2774 last yearend. The first quarter's highest rate was RMB 8.2786/US $1, and lowest was 8.2762, a decrease of 24 base points.
Transactions of HK dollar showed a little increase and Japanese yen experienced a slow slump.
By PD Online staff member Li Yan
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