China to further reform forex management

BEIJING - China's foreign exchange regulator said Thursday that it will continue to reform its forex management in the latter half of 2018.

The country will make the yuan convertible under the capital account in an orderly manner, and protect the interests of foreign investors, said a statement issued after a teleconference by the State Administration of Foreign Exchange.

In the latter half, efforts will be made to enrich forex products and instruments, and expand the market access of both domestic and overseas participants to build an open and competitive forex market.

The administration added that it will continue to make trade and investment more convenient, ensure forex management and service for the first China International Import Expo in November, and seek steady progress in the forex management pilot programs in free trade zones and ports.

China should also prevent and defuse major risks related to foreign exchange, take a firm hand against fake transactions, illegal bank-style organizations, and illegal forex transaction platforms.

The country must ensure the safety and liquidity of foreign exchange reserves to maintain and increase their value, the statement said.