China's forex regulator aims to open the market further while tightening capital flow oversight, as reported by the South China Morning Post.
China's foreign exchange regulator has pledged to further open the forex market while tightening oversight of cross-border capital flows in the second half of the year, reported Hong Kong's South China Morning Post.
The State Administration of Foreign Exchange (SAFE) stated in a release on Sunday that it would steadily expand institutional opening in the sector. This announcement followed a work meeting on Saturday where priorities for the remainder of the year were established.
SAFE also committed to promoting trade facilitation reforms and introducing measures to optimize foreign-exchange management for the current account.
Authorities plan to deepen market development by reducing exchange-rate hedging costs for small and medium-sized enterprises through multiparty cooperation.
The regulator added that it would support regions such as the Hainan free-trade port to pilot innovations in foreign-exchange management.
