China to conduct checks on firms’ forex buying to prevent speculation
China will conduct checks on firms’ foreign exchange buying to prevent speculation, an official at the country’s foreign exchange regulator said on Thursday.
Wang Yungui, head of policy and regulation department at the State Administration of Foreign Exhange (SAFE), said some firms engage in large-scale foreign exchange purchases to seek arbitrage opportunities.
Wang also said capital account reforms will continue but risks will be taken into consideration.
Source: Reuters – China to conduct checks on firms’ forex buying to prevent speculation
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