BEIJING - China's foreign exchange regulator said Thursday that it
will continue to reform its forex management in the latter half of 2018.
The country will make the yuan convertible under the capital account
in an orderly manner, and protect the interests of foreign investors,
said a statement issued after a teleconference by the State
Administration of Foreign Exchange.
In the latter half, efforts will be made to enrich forex products and
instruments, and expand the market access of both domestic and overseas
participants to build an open and competitive forex market.
The administration added that it will continue to make trade and
investment more convenient, ensure forex management and service for the
first China International Import Expo in November, and seek steady
progress in the forex management pilot programs in free trade zones and
China should also prevent and defuse major risks related to foreign
exchange, take a firm hand against fake transactions, illegal bank-style
organizations, and illegal forex transaction platforms.
The country must ensure the safety and liquidity of foreign exchange
reserves to maintain and increase their value, the statement said.