Forex trading turnover exceeds US$100b

Statistics from China Foreign Exchange Trade System (CFETS) show that China achieved a foreign exchange turnover of nearly 14 billion US dollars in August, putting the total volume above 100 billion US dollars for 2004.

In addition, China's foreign exchange market completed deals in August worth 1.87 billion Hong Kong dollars, 12.34 billion Japanese Yen and 18 million Euro.

From January to August this year, China has finished an aggregate foreign exchange trade of 107.24 billion US dollars, say the statistics.

CFETS says the daily average exchange volume in August amounted to 638 million US dollars, 1.2 percent higher than that of July and up 18 percent year-on-year.

The US dollar has basically kept stable against Renminbi, closing at 8.2766 yuan at the end of August, down 0.004 yuan from the beginning of the month.

The euro fell from its mid-month peak, stopping at 9.9875 yuan at the end of August.

Officially founded in Shanghai in April 1994, CFETS is China's first national foreign exchange trade system since 1949. It is a non-profit-making public institution with independence in accounting and subject to the leadership of the head office of the People's Bank of China.