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Foreign exchange market remains stable in Shanxi

Source: CHINA DAILY Time: 16 02,2023

Shanxi province's total cross-border balance and expenditure reached $56.45 billion in 2022.

The Shanxi branch of the State Administration of Foreign Exchange established a long-term mechanism for promoting the management of enterprise exchange rate risks and implemented a long-term mechanism for cross-border investment and financing facilitation, which were used to guide the province's foreign exchange bureaus and banking institutions. 

Last year, the province's foreign exchange hedging rate was 16.6 percent, an increase of 3 percentage points year-on-year. Over the same period, 274 enterprises used exchange rate hedging tools to manage exchange rate risks, while banks reduced fees for enterprises by 16.11 million yuan ($2.35 million). 

Financial institutions in the province handled over 290,000 cases of personal foreign exchange, which was worth $1.28 billion in total.