China forex market
BEIJING China will create an open, competitive domestic foreign exchange market and should let a flexible exchange rate mechanism regulate the impact of cross-border capital flows, a deputy head of its foreign exchange regulator has said.
China should also let the exchange rate play a more fundamental role in foreign exchange resource allocation, regulating cross-border flows, and balancing international payments, Fang Shangpu said in an article on Thursday in a publication owned by the foreign exchange regulator.
China has made moves to open its domestic foreign exchange markets to foreign investors while at the same time stepping up controls on money leaving the country as it looks to support the yuan.
The State Administration of Foreign Exchange SAFE this week said it would let foreign investors trade forex derivatives in its interbank bond market for the first time. But Fang said China should "strengthen checks of banks' foreign exchange business to ensure authenticity and compliance", reiterating SAFE's call for tighter controls of capital outflows, which have contributed to a weakening yuan and the drawdown of forex reserves.
Foreign exchange market - Wikipedia
Fang also said China would work on including cross-border capital flow management into its macro prudential risk assessment framework for banks and would improve policy tools for counter-cyclical management of cross-border flows. BERLIN, June 16 Zalando set out a target to double in size by as Europe's biggest pure online fashion retailer announced a raft of new partnerships that underline its ambition to move from being just a wholesaler to a provider of services to brands.
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