June 13, 2024 at 04:15AM
China’s State Administration of Foreign Exchange (SAFE)
says it’ll severely crack down on illegal FX activities
to strengthen FX situation monitoring and policy reserves
will further improve management of FX reserves
will effectively safeguard stable operations of forex market, and the national economy, and financial stability
will steadily promote diversified asset allocation, ensure safety of liquidity and value preservation of FX reserve assets
All of the above is probably what an FX regulator should be expected to do. What they probably really want to do is figure out a way to bolster the yuan, which has been under pressure against the very strong US dollar.
This article was written by Eamonn Sheridan at www.forexlive.com.