China forex regulator pledges higher opening, eyes reform on personal equity financial investment

China forex regulator pledges higher opening, eyes reform on personal equity financial investment

Stock Markets12 hours back (Aug 01, 2020 06: 40 AM ET)

© Reuters.
© Reuters.

SHANGHAI (Reuters) – China will continue to broaden monetary market opening, including exploring reforms to the rules governing cross-border financial investment management including private equity funds, the country’s foreign exchange regulator said on Saturday.

The State Administration of Foreign Exchange (SAFE) said in a declaration it would preserve a push to “progressively expand two-way opening and interconnectivity of monetary markets,” following a conference hosted by the regulator on Friday.

China has relocated to unwind limitations on access to its financial markets in current months amidst increasing stress with the United States, including modifying rules to ditch quotas under 2 significant inbound investment plans.

SAFE also pledged on Saturday to keep fighting forex risks, including those including cross-border capital circulations, and promised no tolerance on criminal exchange activities, including underground money changers and cross-border gambling.

The regulator stated, without elaborating, that it would carry out “different” forex assistance measures, and that it would expand trade balance assistance pilot programs, enhance management of forex reserves and ensure the security and liquidity of possessions.

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