Company's willingness to hold foreign currency drops in first quarter

The board announced yesterday that domestic banks in the first quarter of the sale of a foreign exchange surplus of 92.7 billion U.S. dollars, morning newspaper reporter Duchenqing State Administration of Foreign Exchange (hereinafter referred to as "safe") released yesterday's data showed that the first quarter domestic banks to sell a foreign exchange surplus of 92.7 billion U.S. dollars, has reached last year's surplus amount of 35.18%.　　To put it simply, the bank's valet exchange refers to the settlement and sale of foreign currency designated banks for clients, and the surplus is more than the amount sold by the Bank for settlement.　　Since the bank's valet exchange data can reflect the supply and demand of the current foreign exchange market, the surplus means that the foreign exchange demand is small, the renminbi demand is big, so yesterday also experts read that this may be a certain appreciation of the renminbi pressure. In detail, the data released by the board, in January-March this year, the bank's valet settlement of 94 billion U.S. dollars, 76.3 billion U.S. dollars, 100 billion U.S. dollars, the total of 270.3 billion U.S. dollars, the bank on behalf of the monthly sales of 53.8 billion U.S. dollars, 54.5 billion U.S. dollars, 69.3 billion U.S. dollars, total 177.6 billion U.S. dollars　　Each month, the difference between the bank's valet sales exchange is 40.2 billion U.S. dollars, 21.8 billion U.S. dollars, 30.7 billion U.S. dollars, the total surplus of 92.7 billion U.S. dollars. "This data is very important and it reflects the willingness of companies to exchange their sales."　　"Zhang Bin, deputy director of the International Finance Research Institute of the World Academy of Political Sciences and economics, said yesterday that because it reflected the supply and demand of the foreign exchange market, the long-term surplus would put some pressure on the RMB exchange rate."　　In Zhang Bin's view, in the interest rate and the appreciation of the renminbi expected, companies are unwilling to hold foreign exchange assets, not only active settlement, and even prefer to borrow foreign exchange from the bank to avoid currency risk.　　It is understood that in order to enhance the transparency of foreign exchange statistics, this is also the first external bank for the first monthly release of Banks on behalf of the sale of foreign transactions and valet payment data.　　It is worth mentioning that, just yesterday, the State Administration of foreign exchange issued a press release on its official website that has issued and implemented the "Operating procedures for the declaration of Balance of payments through financial institutions" (hereinafter referred to as "Regulations") in order to standardize the balance of Payments Statistics Declaration and strengthen Cross-border fund flow monitoring.　　In accordance with the regulations, in the future, the authority will include all domestic residents through the domestic bank and the domestic non-resident between the collection and payment of foreign payment of the statistical category.　　Expert analysis, the move is an international practice, to more complete and accurate reflection of the balance of payments statement content. However, the code also embodies the characteristics of leniency, the tax on private foreign income reporting limit from 2000 U.S. dollars to 3000 U.S. dollars, is actually a relaxation of such declarations, generally, the total amount of private foreign income is very small.