China's State Administration of Foreign Exchange:
- Commercial banks purchase net $8.3 bln of forex in June vs $3.3 bln net purchase in May
- Commercial banks purchase net $1.8 bln of forex in H1
The yuan weakened persistently in June.
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The State Administration of Foreign Exchange (SAFE) of the People's Republic of China
- is responsible for drafting rules and regulations related to foreign exchanges, managing China's foreign exchange reserves, and monitoring the balance of payments and the foreign exchange market
- conducts foreign exchange business, including the management of the state foreign exchange reserves and gold reserves, and the administration of the foreign exchange settlement and sales
- supervising and inspecting the foreign exchange activities of banks and other financial institutions, as well as of all enterprises and individuals
- implementing foreign exchange policy and managing foreign exchange reserves to maintain the value of the national currency, the Renminbi (RMB)
- regulating the foreign exchange market to prevent and resolve financial risks
SAFE operates under the leadership of the People's Bank of China (PBOC).
