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China to continue crackdown on hot money: SAFE


10:09, November 22, 2011

BEIJING - China's top foreign exchange regulator said on Monday that China will continue to crack down on the influx of hot money as a result of complicated economic conditions at home and abroad.

"Outstanding achievements have been made in the country's campaign against hot money inflows," Deng
Xianhong, deputy director of the State Administration of Foreign Exchange (SAFE), said in a statement on SAFE's website.

SAFE investigated 1,865 cases of foreign exchange irregularities in the first half of this year, involving more than $16 billion in illegal funds, up 26.2 percent and 26.9 percent year-on-year, respectively.

Deng attributed the "outstanding achievements" to the country's investigations into illegal foreign fund inflows, as well as an investigation and supervision system that covers all foreign exchange transactions under both current account and capital account.

He noted that SAFE will continue improving the system while enhancing its monitoring of abnormal foreign capital outflows, adding that SAFE has the ability, means and confidence to win in the battle against illegal foreign fund inflows.

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