Money

China vows to improve forex management: SAFE

(Xinhua)
Updated: 2011-07-04 09:15

BEIJING - China's State Administration of Foreign Exchange (SAFE) said Sunday that it will work to improve operation and management of foreign exchange reserve to maintain financial security.

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It will also promote reform of foreign exchange regime to facilitate trade and investment, the SAFE said in a statement on its website.

Further, it will steadily push forward renminbi capital account convertibility and strengthen monitoring and warning on international balance of payment to prevent unusual cross-border capital flows.

The statement was issued after a SAFE meeting, which was convened to study a speech delivered by President Hu Jintao on Friday at a grand gathering marking the 90th anniversary of the Communist Party of China (CPC).