BEIJING, Jan. 6 (Xinhua) -- China's State Administration of Foreign Exchange (SAFE) will deepen the reform and opening-up in foreign exchange (forex) sector to boost high-quality development in 2023, reported Xinhua Finance Wednesday.
SAFE reiterated these at a national forex work meeting held on Wednesday, vowing to guard against external shocks and risks and secure the safety, circulation and value-maintaining or appreciation of forex reserve assets as well in 2023.
To deepen the reform and opening-up in forex sector, SAFE will prudently and orderly advance high-level opening up of capital account, improve the pilot integrated capital pool business for multinational corporations' domestic and foreign currencies, expand the coverage of policies on forex receipt and payment facilitation for trade by quality enterprises, and optimize the exchange rate hedging services for micro-, small- and medium-sized enterprises.
SAFE stressed at the same time strengthening forex sector situation monitoring and analysis, enhancing macro-prudential management and expectation guidance, enrich macro-prudential management policy tools, etc to fend off cross-border capital flow risks in 2023.
Optimization of forex reserves operation and management was also vowed by the SAFE. It said to press ahead with construction of professional investment capability, sci-tech operation capability, and governance capability so as to guarantee the safety and circulation of foreign reserve assets, maintain their value or secure their appreciation. (Edited by Duan Jing with Xinhua with Xinhua Silk Road, duanjing@xinhua.org)
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