17 September 2019

PBoC official urges overhaul of forex management, paper says

The government should deepen reforms on foreign exchange management as part of the ultimate goal of balancing international payments, the China Securities Journal reported Thursday, citing comments in Qiushi magazine by central bank deputy governor Yi Gang. Yi said the reforms required a new management mindset and should focus on improving economic structures, including expanding internal demand and cutting the trade surplus. He called for more reforms in approval processes and legal and internal control systems, the report said.

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