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To expand the opening up of the foreign exchange market and boost the liberalization of the interbank bond market, the State Administration of Foreign Exchange (SAFE) has recently released the Circular of the State Administration of Foreign Exchange on Foreign Exchange Risk Management for Foreign Institutional Investors in the Interbank Bond Market (Huifa No. 5 [2017], "Circular"). The Circular mainly includes the following: Firstly, any foreign institutional investor in the interbank bond market could handle the RMB-foreign exchange derivatives business with a qualified domestic financial institution to enhance the level of opening-up of the foreign exchange market. Secondly, under the principle of transaction for actual requirements, foreign institutional investors shall carry out the foreign exchange derivatives business only for the purpose of hedging against the foreign exchange risk exposure arising from the investments in the interbank bond market with funds remitted from abroad, so as to guarantee the order of the foreign exchange market. Thirdly, diverse trading tools and mechanisms will be provided for foreign institutional investors' foreign exchange derivatives business to facilitate foreign exchange risk management. The Circular shall come into force as of the date of issuance. 2017-02-27/en/2017/0227/1251.html
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Q: It has been recently reported that China, in order to crack down on capital flight, has introduced measures to constrain cross-border financing instruments and impact imports. What would you say about this? A: The State Administration of Foreign Exchange (SAFE) has not introduced recently any measures to intensify foreign exchange management with regard to import financing. For the authentic and legitimate foreign exchange receipts and payments under trade, relevant documents could be presented to a bank for direct handling. Cross-border guarantees such as overseas loans under domestic guarantees will continue to be handled in accordance with the Regulations on Foreign Exchange Administration for Cross-border Guarantees. The cross-border guarantees with authentic trade and investing backgrounds and relevant products will not be affected. 2017-01-25/en/2017/0125/1246.html
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On January 23, 2017, Pan Gongsheng, deputy governor of the People's Bank of China and administrator of the State Administration of Foreign Exchange (SAFE) met with a delegation headed by Mr. Joerg Wuttke, president of the European Union Chamber of Commerce in China (EUCCC) in Beijing. The two sides exchanged ideas on the outlook for China's economic development, its cross-border capital flows and foreign exchange administration policies. According to Pan Gongsheng, China has sustained stable and healthy economic development. It was in the vanguard of the world for its GDP year-on-year growth of 6.7% in 2016, boasting fundamental factors in place that will support the equilibrium of the balance of payments in a long period to come. China has been committed to building a loose and orderly investment environment, in a bid to make its markets more transparent and standardized. Foreign exchange authorities will focus on ensuring the continuity and consistency of its foreign exchange administration policies. They will work to enhance trade and investment facilitation, ensure foreign-funded enterprises are not constrained in normal outward remittances of their profits, and support capable enterprises that meet certain conditions to engage in authentic ODI in compliance with regulations. Meanwhile, the authorities will make great efforts to intensify the authenticity and compliance reviews, with focus on preventing cross-border capital flow risks and safeguarding the health and stability of the foreign exchange markets. 2017-01-24/en/2017/0124/1245.html
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On January 11, 2017, Pan Gongsheng, deputy governor of the People's Bank of China and administrator of the State Administration of Foreign Exchange met with Axel A. Weber, chairman of the Board of Directors of UBS AG in Beijing. The two sides exchanged views on issues such as the development of China's bond markets, flows of cross-border capital and bilateral cooperation. 2017-01-11/en/2017/0111/1243.html
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FILE: Template on International Reserves аnd Foreign Currency Liquidity(аs аt Dec 31 2016) 2017-01-26/en/2017/0126/611.html
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FILE: Template on International Reserves аnd Foreign Currency Liquidity(аs аt Mar 31 2017) 2017-04-28/en/2017/0428/613.html
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FILE: Template on International Reserves and Foreign Currency Liquidity(as at May 31 2017) 2017-06-30/en/2017/0630/615.html
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FILE: Template on International Reserves аnd Foreign Currency Liquidity（as at Jul 31 2015） 2015-08-31/en/2015/0831/594.html