Safe promises crackdown on 'hot money'

BEIJING - China will resolutely crack down on "hot money", because the country may still face "relatively large" pressure from capital inflows in the second half, the State Administration of Foreign Exchange (SAFE) said on Thursday.

In a statement posted on its website, the watchdog said it will pay more attention to slowing the excessive growth of a surplus of foreign exchange through purchases by banks.

"In the second half, capital inflow pressure may still be 'relatively large'. We should be fully aware of the current grim and complicated situation, track the changes of the domestic and international economic situation and make an effective response," said SAFE.