China SAFE: Will crack down on forex irregularities, including underground banks

An official from China’s FX regulator, the State Administration of Foreign Exchange (SAFE), was on the wires now, commenting on their efforts to curb FX irregularities.

Key Points:

Will safeguard and increase value of China's FX reserves

Will support domestic companies to conduct genuine outbound investment in line with regulations

Will crack down on FX irregularities