China’s State Administration of Foreign Exchange:
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Commercial banks purchase net $8.3 bln of forex in June vs $3.3 bln
net purchase in May - Commercial banks
purchase net $1.8 bln of forex in H1
The yuan weakened persistently in June.
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The State Administration of Foreign Exchange (SAFE) of the People’s Republic of China
- is responsible for drafting rules and regulations related to foreign exchanges, managing China’s foreign exchange reserves, and monitoring the balance of payments and the foreign exchange market
- conducts foreign exchange business, including the management of the state foreign exchange reserves and gold reserves, and the administration of the foreign exchange settlement and sales
- supervising and inspecting the foreign exchange activities of banks and other financial institutions, as well as of all enterprises and individuals
- implementing foreign exchange policy and managing foreign exchange reserves to maintain the value of the national currency, the Renminbi (RMB)
- regulating the foreign exchange market to prevent and resolve financial risks
SAFE operates under the leadership of the People’s Bank of China (PBOC).
This article was written by Eamonn Sheridan at www.forexlive.com. Source