China to Continue Efforts to Crack Down on Hot Money Inflows: SAFE

Editor: 管理员      Date:2010-08-05      Hit:4598
%3CFONT%20face%3DVerdana%3E%3CFONT%20face%3DVerdana%3EChina%27s%20foreign%20exchange%20regulator%20Wednesday%20pledged%20to%20continue%20efforts%20to%20manage%20illegal%20capital%20inflows%20in%20the%20second%20half%20of%20the%20year.%3CBR%3E%26nbsp%3BIn%20a%20statement%20on%20its%20website%2C%20the%20State%20Administration%20of%20Foreign%20Exchange%20%28SAFE%29%20said%20it%20had%20investigated%20up%20to%203.5%20million%20cases%20of%20international%20trade%20transactions%2C%20involving%20a%20total%20of%20440%20billion%20US%20dollars%2C%20during%20its%20hot%20money%20monitoring%20campaign%2C%20which%20began%20in%20February.%3CBR%3E%26nbsp%3BThe%20statement%20said%20it%20had%20identified%20197%20cases%20of%20illegal%20capital%20inflow%2C%20but%20it%20gave%20no%20exact%20sum%20for%20the%20cases.%3CBR%3E%26nbsp%3BSAFE%20said%20earlier%20last%20month%20that%20its%20investigations%20had%20found%20190%20cases%2C%20involving%20%247.35%20billion%2C%20of%20hot%20money%20inflows.%3CBR%3E%26nbsp%3BCapital%20flows%20into%20and%20out%20of%20China%20for%20purposes%20other%20than%20import%20and%20export%20payments%20are%20strictly%20controlled%20by%20SAFE%2C%20which%20manages%20the%20country%27s%20%242.45%20trillion%20in%20foreign%20exchange%20reserves.%3CBR%3E%26nbsp%3BThe%20statement%20also%20said%20it%20would%20introduce%20new%20foreign%20exchange%20instruments%20to%20meet%20domestic%20market%20demand%20and%20support%20China%27s%20currency%20reforms.%3CBR%3E%26nbsp%3BChina%27s%20central%20bank%20announced%20on%20June%2019%20that%20it%20would%20further%20the%20reform%20of%20the%20formation%20mechanism%20of%20the%20yuan%20exchange%20rate%20to%20improve%20its%20flexibility.%3CBR%3E%26nbsp%3BThe%20hot%20money%20campaign%20was%20launched%20amid%20concerns%20that%20speculators%20were%20betting%20on%20an%20appreciation%20of%20the%20Chinese%20currency%20and%20rising%20asset%20prices.%3CBR%3E%3C/FONT%3E%3C/FONT%3E