SAFE: Capital flows to be better balanced

China's foreign exchange regulator said it would further free cross-border capital flows and push forward exchange rate reform this year, amid more balanced international payments driven by import expansion.

The country will push forward capital account convertibility in a steady and orderly manner, while facilitating free trade and cross-border investment, including continually attracting high-quality foreign direct investment in China, Pan Gongsheng, director of the State Administration of Foreign Exchange, wrote in the SAFE annual report published on Thursday.

Pan, who is also vice-governor of People's Bank of China, the central bank, stressed the importance of maintaining foreign exchange market stability through strictly cracking down on underground banks and illegal forex trading platforms, as well as safeguarding the country's more than $3 trillion of foreign exchange reserves.