China will continue to crack down on illegal foreign exchange activities but won't revert back to the "old road" of capital controls, the country's top foreign exchange regulator said. The remarks were made by Pan Gongsheng, head of the State Administration of Foreign Exchange (SAFE), during separate meetings with Andrew Rashbass, CEO of Euromoney Institutional Investor PLC, and Blackstone's president Tony James on Wednesday.
SAFE posted a statement on the meetings on its website on Friday. Pan said China's economic growth is in reasonable range. Its yuan currency is basically stable against a basket of currencies, and there is no basis for continued yuan depreciation. He added that the international balance of payments position is basically stable, while cross-border capital flow risks are under control.