China's foreign exchange regulator is to introduce a series of measures aimed at tightening the management of foreign currency inflow. The moves by the State Administration of Foreign Exchange (SAFE) are part of an effort to restrict the entry of speculative capital into China, state media reported. News of the measures follow newspaper reports that regulators had uncovered billions of dollars in illicit foreign currency holdings, much of it brought in by speculators betting on a rise in the value of the Chinese currency. Officials said the new unspecified measures were designed to satisfy rational and legal demand for forex exchange and simplify procedure while keeping a tighter reign on the inflow and outflow of foreign currencies.
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