Relevant persons of the State Administration of Foreign Exchange recently said that the overall effect of capital inflow management is still not satisfactory, and it is necessary to further strengthen and improve capital inflow management in the coming period.
He pointed out that in the case of domestic credit tightening and high interest rates, strengthen the management of foreign exchange capital inflows and foreign exchange settlements, strengthen the authenticity review of capital inflows under the current account, and reduce the illegal inflow of arbitrage funds, which is in line with the "two defenses" and tight currencies. The need for macroeconomic regulation and control measures such as policies.
In addition, in the case that the expectation of RMB appreciation still exists, the motives of various economic entities to reduce their holdings of foreign exchange assets and increase foreign currency liabilities are continuously strengthened. In order to prevent the individual rational choice of market entities from evolving into collective irrational behavior, selective capital inflows are adopted. Management measures can help stabilize the over-reaction of the market and gain time for reforms such as domestic economic restructuring and market-based exchange rate mechanisms.
The source pointed out that China's current basic policies on capital inflow management include direct investment inflow management; overseas listing management, QFII management, B-share management, and domestic development of RMB bonds issued by international development institutions; and foreign debt management and external guarantee management Other investment inflow management. The above-mentioned management measures have inhibited the excessive inflow of foreign exchange funds to a certain extent, which is reflected in the fact that the foreign-funded real estate enterprises borrowed foreign debts more obviously, and the short-term external debt scale of financial institutions was controlled.
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