China SAFE: China's cross-border payments will be "steady" in the future"

Xinhua, China’s state news agency, reported overnight comments from Pan Gongsheng, head of the State Administration of Foreign Exchange (SAFE) – China’s fx regulator, commenting on the country’s fx markets.

Key Points:

China's foreign exchange market is now relatively stable

Cross-border capital movement gradually becoming balanced

"Struck a confident tone that China's cross-border payments will be "steady" in the future"

China's foreign exchange management will basically focus on reform

Opening-up to facilitate cross-border trade and investment

And at the same time prevent risks from cross-border capital flows