China to further deepen reform, opening up in forex sector

Beijing: China will take measures to further deepen reform and opening up in the foreign exchange sector in a bid to forge an open and competitive forex market, according to the State Administration of Foreign Exchange (SAFE).

China will steadily promote opening up in the capital account, support interconnectivity and two-way opening up of the financial market and boost the liberalization, facilitation and high-quality development of trade and investment, the top forex regulator said at a work conference for 2020, China Economic Net reported.

It will also give support to the development of new trade models and cross-border financial blockchain service platforms, according to an announcement on the website of SAFE.

The forex policy toolkit will be further enriched to cope with the impact of external risks and maintain national economic and financial security, it said.

Meanwhile, the regulator will enhance forex regulation and take a tough stance against violations to maintain sound market order.