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January 14, 2017

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SAFE rebuts tighter rule on outflows

CHINA’S foreign exchange regulator yesterday issued a stern statement on its official microblog, dismissing media reports about tightened regulation over capital outflows.

In the brief statement, the State Administration of Foreign Exchange condemned the false media reports, saying they misled public opinion and disrupted the normal order of the foreign exchange market.

Some reports said earlier this month that China had adopted new measures to tighten regulation over capital outflows and asked lenders to keep such measures secret.

SAFE reiterated in the statement that foreign exchange regulators have long been committed to facilitating trade and investment, while cracking down on any violations.

Despite continued drops in China’s foreign exchange reserves, the reserves are still abundant for the country to fend off external risks, the central bank said on Monday.

Foreign exchange reserves fell for the sixth straight month to US$3.01 trillion last month, down from US$3.05 trillion in November and US$3.12 trillion in October.


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