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Regulator pledges more efforts for healthy business environment

Updated: May 20,2017 7:47 PM     Xinhua

BEIJING — Head of China’s foreign exchange regulator on May 19 pledged to build a healthy and sound business environment during a conference with multinationals.

“The forex administration will stick to reform and opening up, and work for the facilitation of cross-border trade and investment,” Pan Gongsheng, head of the State Administration of Foreign Exchange, said when addressing executives of foreign-funded firms including Ericsson, Caterpillar and ThyssenKrupp.

Pan listened to opinions from the businessmen and called for concerted efforts from both the regulator and companies to maintain the stability in the market.

“A stable, sound forex market is beneficial to foreign companies operating in China.”

The current cross-border capital flows have stabilized and become more balanced, the senior official, also deputy governor of the central bank, said, vowing continued emphasis on risk prevention.

Net forex sales by Chinese banks rose slightly in April to $15 billion month on month but were still markedly lower than the deficit a year ago.