BEIJING: China's FX regulator said on Monday that it will strengthen supervision of the foreign exchange market in 2017, while improving policy transparency and promoting the further opening of financial markets.Chinese authorities have taken a raft of steps in recent months to curb capital flight from the country to support the weakening yuan currency, while trying to attract more foreign investment.Pan Gonsheng, head of the State Administration of Foreign Exchange (SAFE) said China's foreign exchange market is relatively stable and cross-border capital flows are becoming more balanced, according to a statement posted on its website.The SAFE recently uncovered an underground bank in the southern Chinese city of Shenzhen involving 50 billion yuan (US$7.27 billion), and cases of firms' using fake documents and fake trade deals to transfer foreign exchange overseas.China's foreign exchange reserves unexpectedly fell below the closely watched US$3 trillion level in January for the first time in nearly six years.But the January decline was the smallest in seven months, indicating China's renewed crackdown on outflows appears to be working, at least for now.A recent pullback in the dollar after a multi-month rally has also helped ease pressure on the yuan and other emerging currencies, though most analysts expect depreciation pressure to resume soon as the US central bank positions for what could be several interest rate hikes this year.
as informed in The daily market volume is a measure that indicates the ability of participants to transact in the forex market. Bank Negara was featured in a forex hedging workshop organised by CIMB Bank on Feb 24. The lack of liquidity has been made worse since Bank Negara imposed, in December last year, the ban on non-deliverable forward trading. "The onshore forex market is going through a period of adjustment, and the central bank has been more active in supplying liquidity on both sides to address the demand and supply mismatches," Bank Negara said in a statement yesterday. "When the measures are fully affected, the market would be able to self-intermediate the flows without the need for Bank Negara to participate actively," said the central bank.
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China FX regulator says strengthening supervision of forex market
Pan Gongsheng, head of the State Administration of Foreign Exchange (SAFE), said that China's foreign exchange market was relatively stable and cross-border capital flows were becoming more balanced, according to a statement posted on its website. Beijing opened up its interbank bond market to more types of foreign investors in February 2016 and relaxed foreign exchange repatriation rules in May. BEIJING China's foreign exchange regulator said on Monday that it will strengthen supervision of the forex market in 2017, while improving policy transparency and promoting the further opening of financial markets. In a step to bolster the bond market, SAFE also announced on Monday that it would allow foreign investors in the interbank bond market to trade derivatives for the first time in an attempt to make the market more attractive. China's foreign exchange reserves unexpectedly fell below the closely watched $3 trillion level in January for the first time in nearly six years.
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