China's State Administration of Foreign Exchange plans to strengthen checks on short-term capital inflows, the Wall Street Journal reported. The administration said on its website that the increase in supervision will focus on meeting the goals for international payments and the economy. The announcement comes as China's trade surplus is once again hitting record levels and concerns over speculative money coming in from abroad to bet on the yuan are rising. SAFE has asked 19 Chinese banks and 10 foreign banks for their cooperation and has begun checks of institutions handling large sums of yuan and foreign currency.
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