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China forex regulator vows greater opening, eyes reform on private equity investment

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imageStock Markets13 hours ago (Aug 01, 2020 06:40AM ET)

(C) Reuters.

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

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

China has moved to relax restrictions on access to its financial markets in recent months amid rising tensions with the United States, including revising rules to scrap quotas under two major inbound investment schemes.

SAFE also pledged on Saturday to keep fighting foreign exchange risks, including those involving cross-border capital flows, and vowed zero tolerance on criminal exchange activities, including underground money changers and cross-border gambling.

The regulator said, without elaborating, that it would implement “various” foreign exchange facilitation measures, and that it would expand trade balance facilitation pilot programs, improve management of foreign exchange reserves and ensure the safety and liquidity of assets.

China forex regulator vows greater opening, eyes reform on private equity investment

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