-
Pan Gongsheng, Deputy Governor of the People's Bank of China and Administrator of the State Administration of Foreign Exchange (SAFE), has recently met with William Conway, Co-founder and Co-CEO of The Carlyle Group in Beijing. The two sides exchanged ideas on global economic and financial trends and the exchange rate movements of major economies. According to Administrator Pan Gongsheng, the currencies of major developed and emerging markets have depreciated recently on the rising expectations of the Fed's interest rate hikes. So has the RMB exchange rate against the USD. Nevertheless, the RMB exchange rate has stayed stable compared with other international reserve currencies and currencies of emerging market economies, falling slightly at the global level. Further, the RMB has appreciated against a basket of multilateral exchange rates. China's economy has been operating steadily, featuring positive progress in restructuring, faster growth of the new economic dynamics and stable financial markets. Under such circumstances, the RMB exchange rate will remain stable at a reasonable and even level, and there are no grounds for continuous depreciation. 2016-10-31/en/2016/1031/1213.html
-
On the afternoon of December 9, Mr. Zhu Min, former vice president of the IMF, was invited to give a lecture entitled "Global Economic and Financial Trends" at the SAFE. The lecture was chaired by Pan Gongsheng, deputy governor of the People's Bank of China (PBC) and administrator of the State Administration of Foreign Exchange (SAFE), and attended by relevant officials from the PBC and the SAFE. Mr. Zhu briefed the audience on the relationship between the world economy and finance, the spillovers of the world economy and finance, future trends of the global economy and the orientation of the US economic policies. He also interacted and exchanged ideas with the audience on the monetary and exchange rate policies, the future movements of the US exchange rate and the impact on China's economy, as well as China's balance of payments. 2016-12-12/en/2016/1212/1228.html
-
The State Administration of Foreign Exchange (SAFE) and the Ministry of Public Security (MPS) has jointly held the third Deployment and Promotion Meeting in 2016 against underground banks. The two authorities have been closely collaborating and cooperating with each other to organize the crackdowns on underground banks. By tracking the foreign exchange irregularities behind underground banks, they have cracked many illicit trading of foreign exchange, and fabricated trading of foreign exchange through fake documents for cheated purchases, evasion and frauds of foreign exchange. Both authorities said that they will always maintain a tough stance on crimes such as underground banks, and rectify foreign exchange administration order so as to safeguard economic and financial security. 2016-12-14/en/2016/1214/1230.html
-
On June 16, 2016, Professor Lawrence H. Summers, a famous US economist, was invited to give a lecture at the State Administration of Foreign Exchange (SAFE). The lecture was chaired by Pan Gongsheng, Deputy Governor of the People's Bank of China (PBC) and Administrator of the SAFE, and attended by relevant officials from the PBC and the SAFE. Professor Summers introduced the changes to the global and US economic and financial environments and the trends of the global and US economic and financial policies. Both sides exchanged ideas and had heated discussions on the trends of post-crisis financial regulatory adjustments in face of the low interest rates and the coordination of monetary policies and fiscal policies. 2016-08-31/en/2016/0831/1210.html
-
On September 7, 2016, Pan Gongsheng, Deputy Governor of the People's Bank of China and Administrator of the State Administration of Foreign Exchange (SAFE), met with Stephen A. Schwarzman, Chairman, CEO and Co-Founder of Blackstone in Beijing. The two sides exchanged ideas on topics such as global economic and financial trends, investment opportunities, and business cooperation. 2016-11-08/en/2016/1108/1216.html
-
On September 23, 2016, Pan Gongsheng, Deputy Governor of the People's Bank of China and Administrator of the State Administration of Foreign Exchange (SAFE), met with Gerald Hassell, Chairman and CEO of the Bank of New York Mellon in Beijing. The two sides exchanged ideas on the global economic and financial trends, the liberalization of China's bonds market and cooperation opportunities. 2016-11-08/en/2016/1108/1224.html
-
On March 22, 2016, Pan Gongsheng, deputy governor of the People's Bank of China and administrator of the State Administration of Foreign Exchange, met with Ray Dalio, chairman of Bridgewater Associates in Beijing. Both sides exchanged ideas on issues such as conditions of the global economy and financial markets, China's economic development and the balance of payments. 2016-08-30/en/2016/0830/1202.html
-
On the morning of August 30, 2016, Pan Gongsheng, Administrator of the State Administration of Foreign Exchange (SAFE), met with a delegation led by Leo Melamed, Chairman Emeritus at the Chicago Mercantile Exchange (CME Group). The two sides exchanged ideas on topics of interest such as enhancing financial infrastructure construction and deepening cooperation. 2016-11-08/en/2016/1108/1215.html
-
The national foreign exchange administration work conference was held in Beijing recently. Following the gist of the 18th CPC National Congress, the third, fourth and fifth plenums of the 18th CPC Central Committee and the Central Economic Work Conference, the meeting reviewed foreign exchange administration in 2015, analyzed the current economic, financial and BOP situations and made plans for foreign exchange administration for 2016. Pan Gongsheng, Deputy Governor the People's Bank of China and Secretary of the CPC Leading Group of the State Administration of Foreign Exchange (SAFE), delivered a work report, and deputy administrators, chief accountants, heads of the SAFE branches (foreign exchange administration departments) and departments of the SAFE attended the meeting. The meeting pointed out that, under the leadership of the CPC Central Committee and the State Council and the guidance of the CPC Committee of the People's Bank of China, foreign exchange authorities, following the principle of seeking progress while maintaining stability, focused on making breakthroughs in the reform, accelerating administration streamlining and power delegation and the "five shifts" in foreign exchange administration, and stressing risk prevention and control in 2015, thereby successfully completing the tasks of the year. The upgraded version of the reform of centralized operation and management of foreign exchange funds of MNCs has achieved initial success, the pilot program of the cross-border foreign exchange payment business of payment institutions has been rolled out nationwide, the facilitation of direct investment convertibility has been enhanced, the pilot program of the macro-prudential management of external debt has been carried out steadily, the ongoing and ex-post monitoring management has been improved, the crackdown on foreign exchange irregularities has strong deterring effect, the foreign exchange reserves operation and management system and mechanism have been improved, and therefore, foreign exchange authorities' capabilities to support economic restructuring, transformation and upgrading have been further strengthened. The year 2016 is the first year of the 13th Five-Year Plan period, the meeting stressed. Currently, China's economy and finance run stably, the economic development fundamentals remain optimistic, featuring strong potential and high resilience, the balance of payments is in equilibrium, and foreign exchange reserves are abundant, suggesting China's financial system is robust. In the year, foreign exchange authorities should follow the spirit of the 18th CPC National Congress, and the Third, Fourth and Fifth Plenums of the 18th CPC Central Committee, as well as the plans of the Central Economic Work Conference to serve the new normal of economic development. Following the guidance of the "five shifts" in foreign exchange administration under the principles of seeking progress while maintaining stability and breaking new grounds, foreign exchange authorities should continue to boost administration streamlining and power delegation and law-based administration, promote trade and investment facilitation, push forward the capital account convertibility in an orderly manner, intensify monitoring of the balance of payments, and refine the external debt and capital flows management system under the framework of macro-prudential management to enhance the level of operation and management of foreign exchange reserves and ensure a good start of the 13th Five-Year Plan period. Priorities of foreign exchange administration for 2016 were set at the meeting. First, the reform of the way of foreign exchange monitoring will be pressed ahead with, with ex-ante approval made light of, ongoing and ex-post management improved, and the accuracy and foresight of the monitoring analysis of the balance of payments enhanced to improve the monitoring efficiency. Second, the foreign exchange administration services will be further optimized, with the current account facilitation reform deepened, and foreign exchange administration for cross-border investment and financing enhanced to accelerate the development of the foreign exchange markets. Third, risk prevention and control will be intensified. Foreign exchange authorities are required to guide banks to handle foreign exchange business in line with the three business principles and to strictly perform their responsibilities for authenticity and legitimacy review, crack down on foreign exchange irregularities and maintain the normal order of the foreign exchange markets. Fourth, efforts will be made to ensure sound operation and management of China's foreign exchange reserves, with a focus on coordinating the goals of security, flows and value preservation and growth and further diversifying the use of foreign exchange reserves. Fifth, strict Party conduct will be fully enforced, with the "two responsibilities" performed, and Party building further intensified, with a focus on cleaning up undesirable work styles, upholding integrity, teambuilding and internal management. 2016-03-16/en/2016/0316/1195.html
-
On December 31, 2015, governor of the People's Bank of China (PBC), Zhou Xiaochuan, accompanied by Yi Gang and Pan Gongsheng, deputy governors of the PBC, and Yin Yong, assistant governor of the PBC, paid a visit to the SAFE Investment Center to call on officials devoted to administering foreign exchange reserves. On behalf of the PBC's CPC Committee, Zhou Xiaochuan showed his concerns and care for all the officials devoted to administering foreign exchange reserves and confirmed the achievements they made. The year 2015 was the closing year of the 12th Five-Year Plan period, said Zhou Xiaochuan. A review of the past five years shows that profound changes have taken place in China's foreign exchange situation. In face of complex economic and financial environments both at home and abroad, the SAFE Investment Center followed the leadership of the CPC Central Committee and the State Council, and conducted the Mass Line campaign and the special educational campaign of "Three Stricts and Three Earnests", adapted to the new normal, and pushed forward the operational and management work, thus ensuring the security, flows, and value maintenance and increase of foreign exchange reserve assets and making significant contributions to the deepening of the national reforms and the achieving of the development goals. Zhou also pointed out that the SAFE Investment Center made risk prevention its top priority in respect of foreign exchange reserves in 2015. To serve the national development strategy, the SAFE Investment Center overcame the challenge of drastic fluctuations in international financial markets and successfully completed its operational and management tasks, taking a new step toward building a world-class asset management institution and playing active roles in supporting the development of the real economy and the national key strategies. Zhou stressed that the year 2016 is the first year when China enters the crucial period to build a moderately well-off society in an all-round way. While implementing the spirit of the 18th CPC National Congress, the Third, Fourth and Fifth Plenary Sessions of the 18th CPC Central Committee and the Central Economic Work Conference, people engaging in the operation and management of foreign exchange reserves are required to seek progress while maintaining stability, make innovations, improve the bottom line thinking, and deliver a good performance in the operation and management of foreign exchange reserves in a strict and down-to-earth manner, so as to better serve the national development and ensure a good start of the 13th Five-Year Plan period. 2016-01-13/en/2016/0113/1183.html