China-Forex Management

China not to return to capital control: SAFE official

  • English

Shotlist


Beijing, China - April 20, 2017
++4:3++
1. Press conference
2. SOUNDBITE (Chinese) Wang Chunying, spokeswoman, State Administration of Foreign Exchange (partially overlaid with shot 3):
"Despite the fact that we were under the pressure of continuous foreign exchange outflows, we have not taken new measures to control the exchange or cross-border payment. This is true, but we did require the banks to follow the current foreign exchange management regulations, perform effectively in line with business promotion principles, and strengthen examinations on the authenticity and compliance of foreign exchange operations. Our foreign exchange management policies and regulations are consistent with those in previous years, without any change."

++SHOT OVERLAYING SOUNDBITE++
3. Reporters
++SHOT OVERLAYING SOUNDBITE++
4. Various of reporters
5. Cameras
++4:3++
6. SOUNDBITE (Chinese) Wang Chunying, spokeswoman, State Administration of Foreign Exchange:
"The 'already opened window' will not be closed. China's foreign exchange management will not return to the old road of capital control."

FILE: Beijing, China - Date and Exact Location Unknown
7. Entrance to State Administration of Foreign Exchange
8. Various of Chinese yuan banknotes going through cash counting machine
9. Bundles of Chinese yuan, U.S. dollar banknotes on table


Storyline


China has not taken new measures to restrict foreign exchange and cross-border payment, and will not go back to the old road of capital control, the State Administration of Foreign Exchange (SAFE) said Thursday.

"Despite the fact that we were under the pressure of continuous foreign exchange outflows, we have not taken new measures to control the exchange or cross-border payment. This is true, but we did require the banks to follow the current foreign exchange management regulations, perform effectively in line with business promotion principles, and strengthen examinations on the authenticity and compliance of foreign exchange operations. Our foreign exchange management policies and regulations are consistent with those in previous years, without any change," said Wang Chunying, spokeswoman for SAFE at a press conference in Beijing.

Wang said China's foreign exchange management policies have been made and implemented in line with reform and opening-up, supporting and boosting two-way opening of the financial market to improve cross-border trade and investment facilitation.

Meanwhile, she added, China keeps guard against any risks from cross-border capital flows by preventing the disorder flows of cross-border capital from affecting the macro economy and financial stability to maintain the stability of the foreign exchange market.

"The 'already opened window' will not be closed. China's foreign exchange management will not return to the old road of capital control," said Wang.



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  • ID : 8048377
  • Published : 2017-04-20 15:46
  • Last Modified : 2017-05-09 15:19:17
  • Location : Beijing,China
  • Category : economy, business and finance
  • Duration : 1'14
  • Audio Language : Chinese/Nats
  • Source : China Central Television (CCTV)
  • Restrictions : No access Chinese mainland
  • Version : 4
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