-
On June 22, 2017, Pan Gongsheng, administrator of the State Administration of Foreign Exchange (SAFE), headed a delegation to Shenzhen for Inspections and held a seminar there to listen to the ideas, opinons and suggestions of relevant institutions on the conditions of China's foreign exchange market and the foreign exchange administration policies. According to Pan, since the beginning of this year, along with the accelerated upgrading and transformation of the economic structural adjustment, and in-depth advances of the supply-side reform, China has borne witness to steady and promisig economic growth at a mid-to-high speed. The foreign exchange market has performed stably, market expectations have remained stable, while foreign exchange reserves and RMB exchange rate have stayed steady, and cross-border capital flows and supply and demand in the foreign exchange maket have found a basic equilibrium. The cross-border trade and investment facilitation shall be further enhanced to better serve the real economy and openign up, Pan emphasized. Under the principle of the current account convertibility, efforts shall be made to duly support and ensure authentic and complying international payments and transfers under the current account, in a bid to enhance cross-border trade facilitation. The two-way liberalization of the finanical market shall be boosted in a stable and orderly manner, and the capable enterprises who meet the conditions shall be supported to be invovled in autheitc outward investments in compliance with regulations, so as to support Chinese enterprises to go global. The sound foreign exchange administration policy environment shall be built to support Chinese enterprieses to participate in the Belt and Road Initiative. Foreign exchange authorities are required to further deepen the foreign exchange administration reform and strengthen the building of their regulatory capabilities, according to Pan. The macro-prudential administration of cross-border capital flows and micro-market regulatory system shall be established to intensify ongoing and ex-post regulation. The monitoring and early warning of cross-border capital flows shall be refined and irregularities such as underground banks shall be cracked down on to safeguard the health and stability of the foreign exchange market and China's economic and financial security. As the frontier of China's reform and opening up, Shenzhen boasts a vibrant market, with market participants sensitive to policies and market signs. It is Pan's wish that Shenzhen Branch of the SAFE and participants in the foreign exchange market could break new ground and make innovations to continue to play a leading role in the new round of the reform and openning up and deliver reproducible and promotable experience with regard to the deepening of foreign exchange administration reform and the optimization of services. 2017-06-22/en/2017/0622/1319.html
-
The State Administration of Foreign Exchange (SAFE) has recently released the Balance of Payments (BOP) and the International Investment Position (IIP) for the first quarter of 2017. The press spokesperson of the SAFE answered media questions on relevant issues. Q: Could you brief us on China's BOP for the first quarter of 2017? A: In the first quarter of 2017, China's surplus under the current account in the BOP was within the reasonable range, and the non-reserve financial account was in surplus, indicating China's cross-border capital flows have been remarkably improved. The surplus in trade in goods remained the major source of the surplus under the current account, with the import and export of goods registering year-on-year increases. In the first quarter of 2017, the current account recorded a surplus of USD 18.4 billion, accounting for 0.7% of GDP, which was still within the reasonable range. The trade in goods in the BOP registered a surplus of USD 82.3 billion, including USD 475 billion in exports and USD 392.7 billion in imports, which was up by 12% and 23% year-on-year respectively, a good sign of stable and rising foreign trade. But trade in services recorded a deficit of USD 60.7 billion, up by 12% year on year, as a result of an expansion of 36% in the deficit under transport due to the increases in imports as well as a rise of 5% in the deficit under travel. Non-reserve financial account registered a surplus. In the first quarter of 2017, non-reserve financial account recorded a surplus of USD 36.8 billion, compared with a deficit of USD 126.3 billion for the same period last year. On the one hand, domestic market participants became more sensible in making outbound investments. In the first quarter, China witnessed a net increase of USD 54.7 billion in external financial assets from BOP transactions. To be specific, ODI rose by USD 20.5 billion net; external portfolio investment went up by USD 14.7 billion net and other external investments climbed by USD 19.4 billion net. On the other hand, foreign investors continued to increase their investments in China. In the first quarter, external debt rose by USD 91.5 billion net, versus a net decrease of USD 13.5 billion for the same period last year. To be specific, FDI jumped by USD 33.1 billion net, which was high; portfolio investment in China rose by USD 6.8 billion net, compared with a net decrease of USD 18.9 billion for the same period last year; other investments in China surged by USD 51.6 billion net as a result of the increases in non-resident deposits, compared with a net decrease of USD 38.5 billion for the same period last year. The reserve assets dropped by a slight margin due to the BOP transactions, which contracted remarkably. In the first quarter, China's reserve assets fell by USD 2.6 billion due to the BOP transactions (excluding non-transaction factors such as foreign exchange rates and prices), or 98% both year on year and quarter on quarter. In particular, foreign exchange reserves dropped by USD 2.5 billion, and the reserve position in the IMF went down by USD 100 million. Q: Could you tell us about China's international investment position (IIB) as at the end of March 2017? A: As at the end of March, China had witnessed double quarter-on-quarter increases in external financial assets and debt. As at the end of March, China's net external assets reached USD 1.7319 trillion. Specifically, China's external assets hit USD 6.4824 trillion, and external debt amounted to USD 4.7506 trillion, up by 0.2% and 2% quarter on quarter respectively (the same below). As for external assets, most assets rose slightly except the slight decreases in other investment assets and financial derivative tool assets. To be specific, the direct investment assets rose by USD 28.7 billion or 2%; portfolio investment went up by USD 27.2 billion or 7%, reserve assets increased by USD 4.9 billion, or 0.2%; financial derivative tool assets dropped by USD 500 million or 9%; and other investment assets fell by USD 44.4 billion, or 3%. As for external debt, most items continued to recover except falls in financial derivative tool debt. Specifically, direct investment debt rose by USD 37.8 billion or 1%; portfolio investment debt went up by USD 27.5 billion, or 3%; other investment debt increased by USD 21.2 billion, or 2%; while the financial derivative tool debt shrank by USD 1.9 billion, or 28%. With regard to the composition of assets and debts, the official reserve assets constituted the majority of external financial assets, and FDI, the external debt. To be specific, of external assets, reserve assets hit USD 3.1028 trillion, accounting for 48% of total assets; ODI amounted to USD 1.3459 trillion, representing 21% of total assets; portfolio investment reached USD 392.3 billion, 6% of total assets; the financial derivative tools were USD 4.7 billion, 0.1% of total assets; and other assets reached USD 1.6367 trillion, 25% of total assets. Of external debt, FDI hit USD 2.9037 trillion, accounting for 61% of total debt; portfolio investment was USD 836.1 billion, 18% of total debt; financial derivative tools were USD 4.7 billion, 0.1% of total debt, and other investments hit USD 1.006 trillion, 21% of total debt. Overall, China still took the top spot worldwide by foreign exchange reserves, with Chinese investors becoming increasingly sensible in making outbound investments. FDI continued growing and other foreign investments in China recovered, showing foreign investors are confident in China's economic outlook. All this indicates that China's international investment position is robust. 2017-06-29/en/2017/0629/1320.html
-
The State Administration of Foreign Exchange (SAFE) has recently released the data on external debt as at the end of March 2017. An official from the SAFE answered media questions on the recent situations of China's external debt. Q: Could you brief us on China's external debt for the first quarter of 2017? A: China witnessed stable growth in external debt for the first quarter of 2017. As at the end of March, China's full-scale outstanding external debt (including foreign currencies) amounted to USD 1.4378 trillion, up by USD 17.2 billion or 1.2% from the end of 2016, representing 4th consecutive month of growth in total external debt. Q: What would you say about the external debt situation in China? A: As the deleveraging of external debt came to a halt, China has registered 4th consecutive month of steady recovery of China's total external debt since the second quarter of 2016. Many factors have impacted the changes of external debt, such as economic fundamentals, cross-border financing policy and domestic and foreign financing environment. At the beginning of 2017, the People's Bank of China (PBC), together with the SAFE, published the Circular of Macro-prudential Management of Full-scale Cross-border Financing, further refining the macro-prudential management policy for cross-border financing, and expanding the room for funding abroad by banks and enterprises, which will be favorable for facilitating normal flows of external debt in compliance with regulations and serving the development of the real economy. As the domestic macro economy and cross-border capital flows recover with a good momentum for growth, and external debt reform and facilitation measures are implemented, it is anticipated that China's external debt will continue growing. Next, the PBC and the SAFE will endeavor to improve the system for external debt and capital flow management under the framework of macro-prudential management. While promoting cross-border financing and investment facilitation, they will enhance ongoing and ex-post monitoring and analysis to guard against external debt risks and safeguard the country's economic and financial security. 2017-06-30/en/2017/0630/1321.html
-
The State Administration of Foreign Exchange (SAFE) has recently disseminated the Balance of Payments and International Investment Position for the second quarter and the first half of 2017, and the press spokesperson of the SAFE answered media questions on relevant issues. Q: Could you brief us on China's balance of payments for the first half? A: The first half witnessed a twin surplus under the current account and the financial account (excluding reserve assets) and rising reserve assets. The surplus under the current account was within a reasonable range. In the first half, the current account registered a surplus of USD 69.3 billion, accounting for 1.2% of China's GDP and staying within the reasonable range. In particular, trade in goods in the Balance of Payments recorded a surplus of USD 214.4 billion. The export of goods was USD 1.0269 trillion and the import was USD 812.6 billion, rising by 12% and 18% year on year respectively, suggesting China's foreign trade is being stabilized, with a good momentum for growth. The financial account (excluding reserve assets) registered a surplus. In the first half, the financial account (excluding reserve assets) hit a surplus of USD 67.9 billion, compared with a deficit of USD 178.7 billion for the same period of the previous year. On the one hand, outbound investments stayed stable. In the first half, the net external financial assets derived from BOP transactions rose by USD 134.2 billion. To be specific, the net ODI assets grew by USD 41.1 billion, the net outbound portfolio investment assets, USD 40.1 billion, and other net investment assets including external deposits and loans, USD 53.6 billion. On the other hand, overseas investors increased their investments in China. In the first half, China's net external liabilities grew by USD 202.1 billion. Specifically, net FDI rose by USD 55 billion, net foreign portfolio investment, USD 20.6 billion, and other net investments such as non-residents' deposits and loans, USD 126.7 billion. Reserve assets kept rising. In the first half, China's reserve assets went up by USD 29 billion, which was attributed to the BOP transactions (excluding the impact from non-trading factors such as foreign exchange rates and prices), compared with a drop of USD 157.8 billion for the same period of the previous year. To be specific, foreign exchange reserves grew by USD 29.4 billion, while the reserve position in the IMF wend down by USD 400 million. Looking ahead into the second half, along with the continuous recovery of the world economy, external demand will grow, commodity prices will be further stabilized, the domestic economy will remain within the reasonable range, and the financial market will be further liberalized, indicating China's balance of payments will hopefully find a basic equilibrium. Q: Could you tell us about China's International Investment Position as at the end of June 2017? A: As at the end of June 2017, China's external financial assets and liabilities increased from the end of the previous year. China posted USD 1.7515 trillion in net external assets as at the end of June 2017. To be specific, the external assets hit USD 6.6446 trillion, and the external liabilities, USD 4.8931 trillion, up by 2.8% and 4.9% respectively from the end of the previous year (the same below). All of the external assets were on a steady upward trend. Specifically, direct investment assets increased by USD 52.5 billion or 4.0%; portfolio investment assets went up by USD 49.2 billion or 13.5%; financial derivative assets climbed by USD 700 million or 13.9%; other investment assets increased by USD 23.1 billion or 1.4%; and reserve assets jumped by USD 52.5 billion or 1.7%. All of the external liabilities continued recovering. In particular, direct investment liabilities rose by USD 58.6 billion or 2.0%; portfolio investment liabilities increased by USD 49.6 billion or 6.1%; financial derivative liabilities fell by USD 1.7 billion or 25.5%; and other investment liabilities went up by USD 120.6 billion or 12.2%. Looking at the items, we found from external assets that the reserve assets hit USD 3.1504 trillion, 47% of total assets; direct investment assets reached USD 1.3697 trillion, 21% of total assets; portfolio investment assets were USD 414.3 billion, 6% of total assets; financial derivative assets amounted to USD 6 billion, 0.1% of total assets; and other investment assets reached USD 1.7042 trillion, 26% of total assets. In terms of external liabilities, direct investment liabilities hit USD 2.9245 trillion, accounting for 60% of total liabilities, which remained the highest among external liabilities; portfolio investment liabilities reached USD 858.3 billion, 18% of the total liabilities; financial derivative liabilities were USD 4.9 billion, 0.1% of total liabilities; and other investment liabilities amounted to USD 1.1054 trillion, 23% of total liabilities. Overall, China still takes the top spot worldwide by reserve assets. Its outbound investments are made in an orderly manner and foreign investments rise stably, indicting its international investment position is robust. 2017-09-28/en/2017/0928/1324.html
-
Q: The latest foreign exchange reserves data released by the People's Bank of China (PBC) show that China's foreign exchange reserves as at the end of August 2017 went up by USD 10.8 billion month on month. Could you brief us on the causes behind such changes in foreign exchange reserves? A: As at the end of August 2017, China's foreign exchange reserves amounted to USD 3.0915 trillion, up by USD 10.8 billion or 0.4% month on month, recovering 7th-straight month. In August, China's cross-border capital flows and the supply and demand of its foreign exchange continued to remain balanced. In global financial markets, asset prices rose, driving foreign exchange reserves to grow. Since the beginning of this year, China's economy has been stable and improved, with deeper structural adjustments and better-than-expected indicators, suggesting the macro-economy has become more stable. The global financial markets have been relatively stable. Cross-border capital flows have been stabilized with a good momentum for growth, the demand and supply of foreign exchange have found an equilibrium, and the RMB exchange rate has remained stable. Looking ahead, as the supply-side structural reform is advanced, and transformation, upgrades and growth engine shift are further accelerated, positive factors that support the middle and high-speed economic growth and boost the economy to strive toward a medium and high-end level will be strengthened, indicating China's momentum for stable and stronger economic growth will gain ground. Alongside the deeper reform of the financial system, and deepened financial liberalization, the foundation for the stabilization of China's cross-border capital flows will be solidified, which will provide a further boost to maintain a moderate and reasonable size of foreign exchange reserves. 2017-09-07/en/2017/0907/1322.html
-
The State Administration of Foreign Exchange (SAFE) has recently disseminated the data on banks' foreign exchange sales and settlements and banks' foreign-related payments and receipts for customers for August 2017, and its press spokesperson answered media questions on recent cross-border capital flows. Q: Could you brief us on China's cross-border capital flows for August? A: China's cross-border capital flows were further balanced in August. First, the supply and demand of foreign exchange in China remained balanced. In August, banks' foreign exchange settlements rose by 11% month on month, and their sales of foreign exchange went up by 1%, leading to a deficit of USD 3.8 billion, down by 75%. The value of foreign exchange contracted for forward settlements and sales recorded a surplus for fifth consecutive month, which was USD 3.1 billion, up by 18% month on month. Under the combined impact of foreign exchange supply and demand factors, such as banks' spot and forward foreign exchange settlements and sales, and options, a better equilibrium between the supply and demand of foreign exchange was maintained in China in the month than in July. Second, the deficit in foreign-related payments and receipts of the non-banking sector contracted remarkably. In August, foreign-related receipts of the non-banking sector jumped by 14% month on month, and foreign-related payments grew by 6%, leading to a deficit of USD 3.5 billion, down by 84%. In addition, as at the end of August, China's foreign exchange reserves amounted to USD 3.0915 trillion, up by USD 10.8 billion month on month, representing its seventh consecutive month of growth. Domestic market participants witnessed more stable foreign-related transactions, which featured more capital inflows into major channels such as trade and investment. First, market participants' desire to settle foreign exchange rose while their desire to purchase foreign exchange set a new record low. In August, the ratio of banks' foreign exchange settlements for customers to foreign-related foreign exchange receipts was 62.2%, up by 0.2 percentage point month on month; the ratio of banks' foreign exchange purchases for customers to foreign-related foreign exchange payments was 61.5%, down by 1.2 percentage point month on month, consistent with the level of the beginning of 2014. Second, cross-border capital inflows and net foreign exchange settlements under trade in goods increased. In August, the surplus of foreign trade under trade in goods dropped slightly on a month-on-month basis, but the surplus of banks' foreign-related receipts and payments for customers and the surplus of banks' foreign exchange settlements and sales for customers under trade in goods (Customs statistics) went up by 48% and 26% month on month respectively. Third, FDI and foreign exchange settlements rose rapidly. In August, FDI rose by more than 30% month on month, and foreign exchange capital settlements climbed by more than 20% month on month. Moreover, foreign exchange purchases and payments under enterprises' ROI culminated in August, and individuals' purchases of foreign exchange were much lower than the same period last year. Recently China's economy has been performing well with a good momentum for growth, continuing to strengthen market confidence. The RMB exchange rate has experienced two-way fluctuation and stable growth, making domestic market participants more sensible in foreign-related transactions in terms of expectations and behaviors. Going forward, as China's domestic economic fundamentals become more stable, the level of opening up is further deepened, and market expectations are further stabilized, China's cross-border capital flows will sustain a stable, orderly and balanced pattern. 2017-09-18/en/2017/0918/1323.html
-
The State Administration of Foreign Exchange (SAFE) has recently disseminated the data on banks' foreign exchange settlements and sales, and on their foreign-related receipts and payments for customers for May 2017. Its spokesperson answered press questions on recent cross-border capital flows. Q: Could you brief us on China's cross-border capital flows in May? A: China witnessed an equilibrium between foreign exchange supply and demand in May. To be specific, first, the deficit in banks' foreign exchange settlements and sales remained stable. In May, banks registered a deficit of USD 17.1 billion in foreign exchange sales and settlements, up by 15% month on month. In particular, the non-banking sector including enterprises and individuals recorded a deficit of USD 12.4 billion in foreign exchange sales and settlements (i.e., bank's foreign exchange sales and settlements for customers), down by 3% month on month. Second, forward foreign exchange sales and settlements remained in surplus. In May, the amount of the contracts signed for forward foreign exchange sales and settlements registered a surplus of USD 3.4 billion, working with banks' spot foreign exchange sales and settlements and options to impact the supply and demand of foreign exchange in China and striking a relative balance between supply and demand of foreign exchange in the month. Third, the non-banking sector saw low net outflows of cross-border capital and month-on-month declines in net outflows of foreign currencies. In May, this sector registered a deficit of USD 21.8 billion in foreign-related receipts and payments, up by 42% month on month, but down by 7% year on year. Specifically, the deficit in foreign-related receipts and payments in RMB terms went up by 72% month on month, and the deficit in foreign-related receipts and payments in foreign currencies went down by 12% month on month. Moreover, impacted by many factors such as the equilibrium between the supply and demand of foreign exchange, China's balances of foreign exchange reserves had risen for 4 consecutive months, with the figure as at the end of May rising by USD 24 billion from April and at a bigger margin month on month. The market sentiment remains stable and the relation between supply and demand of foreign exchange under trade and investment is more balanced. First, according to the rates of the sales and settlements of foreign exchange under foreign-related receipts and payments, the settlement rate of foreign exchange by market participants rose while the purchase rate went down. In May, the ratio of foreign exchange settlements by bank customers to their receipts of foreign-related foreign exchange was 62.7%, up by 0.6 percentage point from the settlement rate for the first four months; the ratio of the purchases of foreign exchange by bank customers to their payments of foreign-related foreign exchange hit 67.4%, down by 0.5 percentage point from the purchase rate for the first four months. Second, the supply and demand of foreign exchange under major items continued to improve. In May, the surplus in foreign exchange settlements and sales under trade in goods by the non-banking sector such as individuals and enterprises increased by 14% month on month, the foreign exchange settlements and sales under direct investment turned from a deficit into a basic equilibrium, and the foreign exchange settlements and sales under portfolio investment turned from a deficit for the previous month into a small surplus. Furthermore, enterprises' cross-border financing continued to rise. At the end of May, the balance of cross-border financing denominated in foreign currencies for imports such as refinancing and forward L/C jumped by USD 2.1 billion month on month, clocking up 15 consecutive months of growth. The improved relation between supply and demand under the above items hedged against the seasonal purchasing and payments of foreign exchange added in some channels in May, such as strengthened demand for travel abroad on May Day and Dragon Boat Festival and normal outward remittances of profits by foreign-funded enterprises. Overall, there are internal and external room for the recovery of China's cross-border capital flows with a good momentum for growth, and the basic equilibrium between the supply and demand of foreign exchange. In particular, as the foundation for China's economic performance within a reasonable range is consolidated and the central parity rate formation mechanism for the RMB exchange rate is refined, the domestic market participants will be more reasonable in their behaviors with regard to foreign-related receipts and payments. 2017-06-16/en/2017/0616/1318.html
-
Q: The latest data on foreign exchange reserves disseminated by the People's Bank of China show that China's foreign exchange reserves by the end of May 2017 rose by USD 24 billion month on month. My question is what caused such changes in foreign exchange reserves. A: As at May 31, 2017, China's foreign exchange reserves amounted to USD 3.0536 trillion, up by a slight USD 24 billion or 0.8% month on month, representing the fourth consecutive month of growth. In May, China's cross-border capital flows continued to be stabilized, presenting a good momentum, while the supply and demand of foreign exchange remained in an equilibrium. Globally, the financial markets were volatile, the non-USD currencies against the US dollar appreciated, and asset prices rose. Due to the combined effect of these factors, China registered recovery of foreign exchange reserves. Since the beginning of this year, China's economic performance has remained within the reasonable range. It also has borne witness to more positive changes such as higher quality, optimized structure, stronger potential and dynamism, and wider space, and the emergence of more factors that support the mid to high-speed economic growth and its efforts to march toward the medium and high level of economic development. All these show that China's economy has become more robust in making progress while maintaining stability. The global financial markets have been operated more stably, while China's cross-border capital flows and the supply and demand of foreign exchange have been basically balanced, and the RMB exchange rate has picked up steadily. Encouraged by these, residents and enterprises have become more sensible in purchasing foreign exchange. Looking ahead, the economy's momentum for making growth while maintaining stability will be further consolidated since China's economy boasts strong potential, remarkable resilience, and much leeway to improve, and new drivers of growth are being formed at a faster pace. As the opening up of China's financial market continues to deliver results, the foundation for the stable and even cross-border capital flows will be solidified, so as to boost the stability of foreign exchange reserves. 2017-06-07/en/2017/0607/1317.html
-
The State Administration of Foreign Exchange (SAFE) has recently disseminated China's external debt data as at the end of June 2017, and an official from the SAFE answered media questions on relevant issues regarding external debt. Q: Could you brief us on China's external debt data for the second quarter of 2017? A: China's external debt continued its stable growth in the second quarter of 2017. As at the end of June 2017, China's full-scale outstanding external debt registered USD 1.5628 trillion (in both domestic and foreign currencies), up by USD 125 billion or 8.7% quarter on quarter. The growth in external debt for the second quarter was attributed to the growth in banks' external debt. The rise in banks' outstanding external debt contributed nearly 70% of the growth in total outstanding external debt incurred by China, in that banks made full use of overseas low-cost funds to serve the development of foreign trade and the real economy, under the framework of macro-prudential policy management for cross-border financing. Q: What would you say about China's external debt? A: China has witnessed stable growth in external debt since the beginning of this year. Economically, China's overall economic performance is good, with its GDP for the first half rising by 6.9% year on year, and foreign trade growing by 19.6% year on year. There are also many other highlights in China's economic growth, which serve the bases for the continuous increase in external debt. Politically, the People's Bank of China, together with the SAFE, has further refined the macro-prudential management policy for full-scale cross-border financing, expanding the room for banks and enterprises to borrow external debt on their own, and reducing the financing costs for the real economy. Overall, China's external debt boasts a solid economic foundation and is expected to continue growing steadily in the future. The SAFE will continue to watch out for the changes in China's external debt. While further boosting cross-border investment and financing facilitation, the SAFE will effectively guard against external debt risk and safeguard China's economic and financial stability. 2017-09-29/en/2017/0929/1325.html
-
1. To study and propose policy suggestions on the reform of the foreign exchange administration system, prevention of the balance of payments risks, and promotion of the balance of payments equilibrium; to study and implement policy measures for the gradual advancement of the convertibility of the RMB under the capital account and the cultivation and development of the foreign exchange market; to provide suggestions and a foundation for the People's Bank of China to formulate policy on RMB exchange rate. 2. To participate in the drafting of relevant laws, regulations, and departmental rules on foreign exchange administration, releasing standard documents related to the carrying out of responsibilities. 3. To oversee the statistics and monitoring of the balance of payments and the external credit and debt, releasing relevant information according to regulations and undertaking related work concerning the monitoring of cross-border capital flows. 4. To be responsible for the supervision and management of the foreign exchange market of the state; to undertake supervision and management of the settlement and sale of foreign exchange; to cultivate and develop the foreign exchange market. 5. To be responsible for supervising and checking the authenticity and legality of the receipt and payment of foreign exchange under the current account according to law; to be responsible for implementing foreign exchange administration under the capital account according to law, and to continuously improve management work in line with the convertibility process of the RMB under the capital account; and to regulate management of overseas and domestic foreign exchange accounts. 6. To be in charge of implementing supervision and checking of foreign exchange according to law, and punishing behaviors that violate the foreign exchange administration. 7. To undertake operations and management of foreign exchange reserves, gold reserves, and other foreign exchange assets of the state. 8. To arrange development planning, standards, and criteria for IT-based foreign exchange administration and organizing relevant implementation; to realize supervision of information-sharing with the relevant administrative departments according to law. 9. To take part in relevant international financial activities. 10. To undertake other matters as assigned by the State Council and the People's Bank of China. 2017-10-26/en/2017/1026/1313.html