China FX regulator:
- Will keep yuan basically stable at reasonable and balanced levels
- Confident and capable of keeping FX market stable operations
more to come
- Exports have maintained resilience
- Recent buying of onshore stocks has increased
- Will continue to implement proactive macro policy
- Global balance of payments will keep basically stable
- FX market resilience will continue
- Ability to counter FX market Volatiity has improved
- Will set up FX management policy evaluation mechanism
- Will improve qualified foreign investor rules
- Will push forward with foreign debt reform and management to improve quota management
- Will forcefully fend off external shocks and risks
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China’s State Administration of Foreign Exchange (SAFE) is a key government agency responsible for managing the country’s foreign exchange reserves (China’s FX exchange reserves are the largest in the world) and regulating the foreign exchange market. SAFE operates under the jurisdiction of the People’s Bank of China (PBOC), China’s central bank.
This article was written by Eamonn Sheridan at www.forexlive.com.