China Vows to Improve Forex Management: SAFE

BEIJING, Jul. 4 -- China's State Administration of Foreign Exchange (SAFE) said Sunday that it will work to improve operation and management of foreign exchange reserve to maintain financial security.

It will also promote reform of foreign exchange regime to facilitate trade and investment, the SAFE said in a statement on its website.

Further, it will steadily push forward renminbi capital account convertibility and strengthen monitoring and warning on international balance of payment to prevent unusual cross-border capital flows.

The statement was issued after a SAFE meeting, which was convened to study a speech delivered by President Hu Jintao on Friday at a grand gathering marking the 90th anniversary of the Communist Party of China (CPC).