BEIJING: China’s foreign exchange (forex) market posted turnover of 10.71 trillion yuan ($1.65 trillion) in March, up from 6.55 trillion yuan in February, the State Administration of Foreign Exchange (SAFE) said on Friday.
The amount includes 1.86 trillion yuan in forex transactions between banks and their clients and 8.85 trillion yuan in interbank forex transactions, the SAFE said.
Forex market turnover is predicted to continue to rise this year as more overseas investors enter China’s forex market.
In 2015, China opened its interbank forex market to overseas central banks and similar institutions to promote a market-oriented and more transparent interbank forex market.
So far, 14 overseas central banks and similar institutions have been allowed to trade on China’s interbank forex market.
China’s forex market turnover in 2015 was 110.9 trillion yuan, data from the SAFE showed.
