October 19, 2017 / 7:53 AM / in a year

China will safeguard FX market stability, push forward opening - FX regulator

BEIJING, Oct 19 (Reuters) - China will fend off any impact from disorderly and intensified cross-border capital movements and safeguard stability of the country’s foreign exchange market, its foreign exchange regulator said on Thursday.

The State Administration of Foreign Exchange said it will guide market players to recognize foreign exchange risks and improve foreign exchange risk management, adding that it anticipates obvious weakening of one-way expectations of the yuan’s exchange rate.

Interest rate hikes by the U.S. Federal Reserve and the shrinking of its balance sheet will not shake the stability of China’s cross-border capital flows, a SAFE spokesperson said in comments posted on the regulator’s website.

China will also look to preserve and increase the value of its foreign exchange reserves as it improves its foreign exchange rate system, SAFE said. (Reporting by Beijing Monitoring Desk; Editing by Richard Borsuk)

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