SAFE says no large hot money inflows detected
May 31, 2010 Category Finance, Weekly
No large-scale “hot money” inflows have been uncovered since China started a crackdown on speculative capital in February, the State Administration of Foreign Exchange (SAFE) said. “But some banks have been found lacking in preventing the inflow of hot money and some may even be helping the irregular money flows,” it added. SAFE found 190 suspected non-compliant cases valued at USD7.35 billion through checking 3.47 million transactions involving over USD440 billion. According to the Shanghai Securities News, speculative capital inflows into China in the first three months amounted to USD21.3 billion, USD12.7 billion and USD37.3 billion respectively. The estimated sum for April is USD45.8 billion. SAFE also said it remained committed to the European market and denied a news report that it was reviewing its euro holdings. Europe has been and will continue to be one of the major markets for investing China’s foreign exchange reserves. China is a responsible and long-term investor of foreign exchange reserves and we always follow the principle of diversification, SAFE said, adding that it was confident that the euro zone would be able to overcome its difficulties and it supported the actions taken by the International Monetary Fund (IMF) and the European Union to stabilize financial markets.
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