MNI: China SAFE Stresses FX Market Stability As 2018 Key Task

     BEIJING (MNI) - China's State Administration of Foreign Exchange stresses

deepening reform of foreign exchange management and securing stability of the FX

market, according to a statement released by the administration Tuesday

concluding its 2018 work meeting.

     At the gathering to discuss key regulatory and management tasks for the

year ahead, the SAFE said financial risks need to be strictly controlled, thus

cross-border capital flow need to be better managed and illegal FX activities

will be clamped down on.

     SAFE would support China's national strategies such as the "One Belt, One

Road" initiative, in order to ensure the safety and flow of foreign reserves and

to maintain its current value and enhance profitability.

     Cross-border trade and investment would be made more convenient, with

foreign investors' legal rights protected and capital account convertibility

improved. It also iterated trading tools would be enriched and participants

would be diversified, helping build an open and competitive FX market.

     Infrastructure and regulation advancement would also continue, SAFE added.

--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com

[TOPICS: M$A$$$,M$Q$$$,MGQ$$$]