China to further improve supervision system of capital flow

China's foreign exchange regulator said Monday at an internal meeting that it will strengthen the management of capital flows, preventing massive capital outflow and influx in a bid to safeguard the country's financial security amid a global economic downturn.

State Administration of Foreign Exchange (SAFE) said it will place priority on facilitating a balance of international payments as there are still uncertainties in international capital flows and international payments.

The SAFE vowed to enhance the statistical and supervisory system for cross-border funds, and to continue to optimize the emergency mechanism of international payments.

It pledged to promote product innovation in the foreign exchange market, offering more risk-avoiding tools to enterprises.

It will also provide more convenience to legal foreign exchange business activities of all kinds of market players, stepping up to improve the cancel-after-verification mechanism in receiving and payments in the country's import and export business.

Source: BizChina