China to crackdown on illegal forex market

China to crackdown on illegal forex marketChina will crack down on illegal activities to keep its foreign exchange markets stable, Reuters reported on Thursday, citing the State Administration of Foreign Exchange (SAFE).

Xu Weigang, an official with the SAFE, made the comments during a regular news conference on forex regulations and policies in Beijing.

Guo Song, another SAFE official, said rapid rises in outbound investment have had an impact on cross-border capital flows, but the government will support "genuine" overseas mergers and acquisitions by Chinese firms.

"In the past year we found some Chinese firms and individuals moving assets overseas via outbound investment, this is certainly a key area of concern for us," Guo Song told a Beijing news conference on Thursday.

But he said no "large-sized" capital outflow via fake trade deals has been detected by the supervision body so far, and China will keep up pressure on tackling fake overseas mergers and acquisitions.

"SAFE hopes capable and resourceful Chinese companies venture into overseas M&As, and they are not doing so for face-saving or political achievements," Song added.
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