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China's foreign exchange agency.........>

CHINA PRESS
CHINA PRESS: China's foreign exchange agency (SAFE) will lift some restrictions
on Qualified Foreign Institutional Investors (QFII) and provide hedge tools to
qualified institutions in a bid to facilitate capital flows, said Guo Song,
director-general of SAFE's capital account management department, over the
weekend in China Forex, a journal run by SAFE. The country will clarify the
forex management relevant to Panda bonds and further improve the convertibility
of capital accounts, Guo noted. 
Comment: China had strictly controlled the approval of new investment quotas
under the QFII programme in the past two years to stem capital outflows, as the
yuan was weighed down by high depreciation pressures. SAFE is expected to relax
some capital controls this year to further open up its capital account.

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