SAFE checks on banks鈥 forex trading
Print Edition
CHINA’S top foreign-exchange regulator has started compliance checks of foreign-currency transactions involving the country’s biggest lenders as it continues to try to contain risks in cross-border capital flows, a statement said yesterday.
The checks, expected to last until the end of May, will cover the country’s top-four lenders — the Industrial and Commercial Bank of China, the Agricultural Bank of China, China Construction Bank and the Bank of China — as well as the Bank of Communications, China CITIC Bank and China Merchants Bank, the State Administration of Foreign Exchange said yesterday.
Banks will have about a month to conduct self-inspection under supervision of the regulator before spot investigation starts in mid-February.
Banks are expected to correct irregularities starting in mid-March.
“The main purpose is to look for prominent problems and potential risks in banks’ foreign exchange business, and identify their weakness in complying with regulations,” the statement said.
SAFE’s move is part of efforts to curb speculative money flows as China gradually widens its financial markets and promotes the use of the yuan in cross-border trade and investment.
Meanwhile, authorities are also studying possibilities to liberalize foreign exchange transactions in Shanghai’s free trade zone by using a special bank account opened in the zone, 21st Century Business Herald reported yesterday, citing unidentified central bank and foreign exchange authority officials.
The special FT bank accounts allow free cross-border yuan flow to support trade and invest directly within the FTZ.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
