A Look at First-Half 2020 Foreign Exchange Data

At a press conference held by the State Council Information Office (SCIO) on July 17, 2020, Wang Chunying, deputy administrator and press spokesperson of the State Administration of Foreign Exchange (SAFE), brief on the foreign exchange receipts and payments situations for the first half of this year and answer questions from the press. The following is an edited transcript.

Wang Chunying: Welcome to today's press conference. First, I'd like to brief you on the foreign exchange receipts and payments situation for the first half of this year. Then I will take your questions.

In the first half of 2020, the COVID-19 pandemic dealt a great blow to the world economy, with sharp swings seen in global financial markets. Currently the pandemic and the world economic conditions are still challenging, complicated and full of uncertainties. On the domestic front, as the Covid-19 situation came under control and the resumption of work yielded significant results, the economy has gradually recovered since the second quarter. Economic indicators have shown marginal improvements and the renminbi exchange rate has become increasingly elastic while maintaining overall stability. Cross-border capital flows have remained stable. The foreign exchange market witnessed balanced supply and demand, and demonstrated