State Administration of Foreign Exchange: Crackdown on Illegal Foreign Exchange Activities, Over 400 Cases of Illegal Activities in the Foreign Exchange Field in the First Half of the Year.

Li Bin, Deputy Director and spokesperson of the State Administration of Foreign Exchange, stated at a press conference on July 22 that the foreign exchange management department is actively preventing and resolving external shock risks, and striving to maintain the stable and healthy operation of the foreign exchange market. We adhere to a market-based, managed floating exchange rate system, maintaining the flexibility of the RMB exchange rate and promoting market equilibrium through pricing mechanisms. We continue to optimize the supply of foreign exchange policies, deepen reforms and opening-up in the field of foreign exchange, and enhance the convenience level of cross-border trade and investment. At the same time, we strengthen the monitoring and early warning of cross-border capital flows, resolutely prevent unilateral market expectations from spreading, crack down on illegal activities in the foreign exchange field, and have handled over 400 cases of foreign exchange violations in the first half of this year. We have also cooperated with public security agencies to punish more than 180 cases of underground money laundering transactions, effectively maintaining a good order in the foreign exchange market. Overall, the policies of stabilizing the market and expectations have achieved positive results.