Cross-border capital flow in China is expected to be further stabilised in 2024, said the country’s central bank official on Wednesday.

Zhu Hexin, deputy governor of the People’s Bank of China, at a press conference said that the country’s current account surplus would remain at a reasonable level and foreign capital inflow activities would increase in 2024.

Mr Zhu, who is also the Head of the State Administration of Foreign Exchange, said that the cross-border capital flow in China had been more stable recently, as the current account continued to see a relatively large net inflow.

”The country’s current account surplus in 2023 is expected to reach around 280 billion U.S. dollars and the trade in goods surplus will exceed 600 billion dollars,’’ Mr Zhu said.

He noted that moreover, the recent foreign investment in China had also shown a positive trend.

”It is widely estimated that the Federal Reserve will make some changes in its monetary policy in 2024, and if so, China will see a smaller spillover impact from the Fed policy and improved external financial conditions.

”China is expected to see a rebound in foreign investment this year”, he added.

He further said that China was confident that the RMB market’s value would become increasingly prominent in diversified investment as the country had complete industrial chains and a super-large market. 

(Xinhua/NAN)