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China's currency regulator to promote trade balance

(Xinhua)
Updated: 2009-12-09 13:30

China's exchange rate regulator said Tuesday it would work to promote balance of payment next year by stabilizing exports while expanding imports.

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The promotion of balance of payment should be the fundamental of the work in 2010 in order to safeguard the nation's economic and financial security, said Yi Gang, head of the State Administration of Foreign Exchange (SAFE).

He said the SAFE would continue to diversify the investment of foreign reserves, and ensure the safety, liquidity and the value of the mounting assets, which have ballooned to more than $2 trillion.

The authority would also step up supervision of the cross-border money flow to protect national financial safety, he said.

Yi also noted the SAFE would seek chances to push forward reforms in key areas and links of the foreign exchange management but didn't elaborate.
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