Source: CCTV.com

08-30-2008 11:43

China will launch annual checks on banks' foreign exchange management to further strengthen its control over foreign currency. The State Administration of Foreign Exchange said on Friday that it will examine the implementation of its forex rules at banks.

The State Administration of Foreign Exchange said on Friday  that it will examine the implementation of its forex rules  at banks.

The checks will cover domestic, joint venture and solely-funded foreign banks, as well as foreign bank outlets. The top forex regulator said the checks will be annual, but this year's review will run from September 1st through the end of 2008. The move is the latest step in the government's efforts to enhance its grip over cross-border capital flows.

In early August, China published a revised version of its foreign exchange rules. And in mid-August, the central bank set up a forex department to better manage such currencies in the country.

 

Editor:Si Qintu