China's foreign exchange market is now relatively stable, with cross-border capital movement gradually becoming balanced, the head of the country's forex regulator said Wednesday.
Speaking at a meeting with representatives from foreign investors, Pan Gongsheng, head of the State Administration of Foreign Exchange, struck a confident tone that China's cross-border payments will be “steady” in the future.
He said China's foreign exchange management will basically focus on reform and opening-up to facilitate cross-border trade and investment, and at the same time prevent risks from cross-border capital flows.
Stressing these as two “basic points,” Pan said China's foreign exchange management aims to better serve enterprises and the real economy and maintain a healthy, steady and good market order.
A steady and benign market is in line with the common interests of both the regulator and market entities, and requires joint efforts from all parties involved, he said.