Foreign Exchange Bureau: RMB Foreign Exchange Market Totaled 11 Trillion And 200 Billion US Dollars In 2013.

< p > < a > href= > //www.sjfzxm.com/news/index_c.asp > foreign exchange > /a > the administration announced the announcement of a href= "//www.sjfzxm.com/news/index_c.asp" > China's balance of payments report < /a > in 2013. The report shows that in 2013, RMB internationalization increased further and RMB appreciation was unilateral. In that year, the volume of RMB foreign exchange market increased by 22.5%, and the spot trade accounted for a record low, and the market demand for derivatives continued to rise.

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< p > in addition, the report points out that from the perspective of RMB NDF discount in overseas market in 2013, the RMB has entered the equilibrium area.

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< p > strong > RMB foreign exchange trading volume grew by 22.5% over the same period < /strong > < /p >.

The statistics of the foreign exchange administration (P) show that in 2013, the RMB foreign exchange market totaled $11 trillion and 200 billion, an increase of 22.5% over the same period in 2012.

Among them, banks traded 3 trillion and 720 billion and 7 trillion and 530 billion dollars on customer market and inter bank < a href= "//www.sjfzxm.com/news/index_c.asp" > foreign exchange market < /a > 7 respectively.

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< p > where spot pactions totaled $7 trillion and 90 billion, an increase of 15.3% over the previous year, but it is worth noting that the proportion of spot pactions in the total volume of foreign exchange pactions has dropped to 63% of the record low.

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< p > compared with the spot, forward foreign exchange pactions have increased significantly.

In 2013, the forward foreign exchange market recorded a total turnover of US $604 billion 500 million, an increase of 34.1% over the previous year, an increase far exceeding the spot rate. In addition, foreign exchange and currency swaps increased significantly. In 2013, the foreign exchange and currency swap market totaled US $3 trillion and 480 billion, representing an increase of 36.4% over the previous year, of which the interbank foreign exchange and currency swap market totaled 3 trillion and 400 billion US dollars, an increase of 34.8%.

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< p > "the main reason for the large increase of swaps is that enterprises enter Renminbi into foreign exchange to develop financial services. The characteristics of paction and the function of foreign currency financing are prominent."

The foreign exchange bureau pointed out in the report.

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In addition, the trading of foreign exchange options market is also very active. In 2013, the stock market totaled 73 billion 200 million US dollars, an increase of 1.3 times compared with the previous year. From the perspective of growth, RMB options have become the fastest growing foreign exchange derivatives, and in terms of market distribution, the total turnover of banks in the customer market has increased by 51 billion 400 million US dollars, an increase of 80.4%, mainly in the form of enterprise options portfolio, accounting for 87.9%, and the number of simple options is less; the inter-bank options market has totaled 21 billion 800 million US dollars, a 5.5 fold increase in P.

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< p > strong > RMB achieves equilibrium exchange rate interval < /strong > < /p >.

According to the effective exchange rate index calculated by the Bank of International Settlements (P), the nominal effective exchange rate of RMB rose by 7.2% in 2013, and the real effective exchange rate after inflation increased by 7.9%. In the 61 currencies monitored by BIS, the appreciation rate was second and third, respectively, in 2013.

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< p > it is noteworthy that although the unilateral appreciation of the RMB spot market in 2013 was obvious, it was different from the expectation that the appreciation pressure of the RMB appreciated considerably in previous years. In 2013, the domestic and foreign forward markets still maintained a slight discount on the RMB, and the risk reversal index of the options market (the fluctuation of the US dollar bullish and the US dollar bearish volatility) was also at the same time.

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< p > "excluding the margin of foreign currency, the fluctuation of the US dollar in the domestic and foreign forward market continued to fluctuate in a narrow range, indicating that the current RMB exchange rate is in the equilibrium level recognized by the market."

The foreign exchange bureau pointed out.

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< p > market data show that in the end of 2013, the domestic inter-bank forward market, offshore deliverable forward market and offshore non deliverable forward market increased 1, 460 and 260 base points in the 1 year period, down 66%, 67% and 40% respectively from the end of last year.

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< p > the foreign exchange bureau commented that "in 2013, the US dollar rise in domestic and foreign forward foreign exchange markets experienced a narrow narrowing and narrowing of the fluctuation, reflecting the spread of foreign currency spreads and market supply and demand, and also related to fluctuations in international financial markets."

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