RMB exchange rate stable, but daily forex transactions down in November

The exchange rate of Chinese Renminbi remained stable in November, but daily foreign exchange transaction was down six percent from October.

Statistics from the China Foreign Exchange Trade System (CFETS) show that in November, China's foreign exchange market closed deals worth 27.7 billion US dollars, averaging 1.26 billion US dollars on each of the 22 trading days.

Foreign exchange transactions are done in China in four currencies -- US dollars, Hong Kong dollars, Japanese Yen and euros. The average daily transaction was 1.34 billion US dollars in October.

Foreign exchange transactions on China's interbank market had by far totaled 176 billion US dollars in the first 11 months of the year, or 769 million US dollars per day, CFETS reports.

The US dollar was stable against Renminbi in November, closing at 8.2765 yuan at the end of the month, nearly the same as the end of October.

The weighted average exchange rate of the Hong Kong dollar against yuan rose slightly over the previous month to close at 1.06 yuan, while the Japanese yen climbed nearly 0.23 yuan to close at 8.02 yuan.

The euro rose steadily from 10.58 yuan at the beginning of month to close at 10.96 yuan.

In November, China's 125 interbank foreign currency intermediary services completed 15 transactions worth 260 million US dollars, according to CFETS.

Officially founded in Shanghai in April 1994, CFETS has been China's first national foreign exchange trading system since 1949. It is a non-profit public institution which is independent in its accounting but subject to the leadership of the head office of the People's Bank of China.