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June 11, 2021

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Lingang to put forex program on trial

A PILOT program on high-level opening-up in foreign exchange management is to be launched in Shanghai’s Lingang new area and other places.

It will accumulate experience in promoting high-level institutional opening in the field of foreign exchange, said Pan Gongsheng, deputy governor of the People’s Bank of China and administrator of the State Administration of Foreign Exchange, at the 13th Lujiazui Forum in Shanghai yesterday.

Lingang, the Guangdong-Hong Kong-Macau Greater Bay Area, and part of Hainan Free Trade Port will be the first batch of pilot areas for the program.

Pan pointed out that the exchange rate of the Chinese currency renminbi, or the yuan, is expected to remain stable, with two-way fluctuations becoming normal.

The change in the exchange rate of the yuan is subject to multiple factors at home and abroad, Pan said. He added that China’s consolidated growth momentum, normalized monetary policies, and a more mature forex market have helped underpin the yuan’s stable exchange rate.

Pan also cautioned that uncertainties in the world, including uneven global recovery, rising inflation pressure, and a fragile financial market, might affect exchange rates in the future.

Stressing the importance for enterprises to cope with two-way fluctuations, Pan urged market entities to adapt to it, arrange their currency structure prudently, and refrain from currency speculation.

To help firms lower risks from exchange rate fluctuations, China will establish an open and competitive forex market, improve market transparency, and strengthen prudent macro-management, Pan said.

He also revealed a plan to push forward reform in cross-border investment of private equity funds.


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