China’s SAFE: Will steadily promote financial market opening

Speaking at the annual Boao Forum on Friday, Xu Zhibin, the deputy head of the State Administration of Foreign Exchange (SAFE), said that he “will steadily promote financial market opening.”

Additional comments

Will improve policies to facilitate cross-border investment.

Will further enhance capital account opening.

Will enhance risk prevention capabilities.

Market reaction

Despite the encouraging comments from China’s FX regulator, AUD/USD remains uninspired near 0.6515, modestly flat on the day.