Let’s check out some exciting news about China and money! 🤑
In the first half of this year, China’s cross-border revenue and expenditure by non-banking sectors reached a whopping $7.6 trillion! That’s a huge number, and it’s 10.4% more than the same time last year. 📈 This means more money is moving in and out of China than ever before!
But wait, there’s more! Over half of this money (that’s 53%) was in Chinese Renminbi (RMB). The RMB is the official money in China, kind of like how dollars are used in the United States. 💴
Li Bin, who’s a deputy director at the State Administration of Foreign Exchange, shared this awesome news on Tuesday.
Also, in the first six months, the net inflow of funds was $127.3 billion. That means more money came into China than left. In the second quarter alone, this net inflow grew by 46% compared to the first quarter! That’s a big jump! 🚀
By the end of June, China’s foreign exchange reserves were $331.74 billion, which is $11.51 billion more than at the end of last year. Foreign exchange reserves are like a big savings account of money from other countries. 💱
Isn’t it amazing how much money moves around the world? It shows how countries trade and work together! 🌐
Reference(s):
cgtn.com
