SAFE underscores stance on hot money

SHANGHAI - The State Administration of Foreign Exchange (SAFE) on Monday reiterated its tough stance on curbing hot money inflows, which threatens the nation's financial stability and triggers inflation.

In a statement on its website, the manager of China's $3 trillion foreign exchange reserve said it will continue its "high-pressure" clampdown on inflows of hot money, or speculative capital, to ensure financial and economic stability.

SAFE also announced penalties for 10 companies that conducted illegal foreign exchange transactions, which are at the root of hot money inflows. It's the third group of companies the administration has fined in less than a year.