On December 21, 2016, Pan Gongsheng, Administrator of the State Administration of Foreign Exchange (SAFE), met with a delegation from China Banking Association Foreign Bank Working Committee in Beijing. A seminar was held with 15 foreign bank delegates. They exchanged ideas on the conditions of foreign exchange markets, regulation of foreign exchange markets, and banks' compliance and self-discipline.

According to Administrator Pan Gongsheng, building healthy and orderly foreign exchange markets is the common pursuit of market players. Currently, the cross-border capital flow risk is within control and there are long-term fundamental factors that support the stability of foreign exchange markets. Adhering to the general work guideline of making progress while maintaining stability, foreign exchange authorities have been committed to achieving short-term targets through balancing foreign exchange receipts and payments, and guarding against cross-border capital flow risks, and also to making long-term achievements in boosting the liberalization of financial markets, by balancing facilitation and risk mitigation, strengthening regulation of foreign exchange markets and cracking down on foreign exchange irregularities. Commercial banks are required to follow the business principles and intensify authenticity and compliance reviews in handling foreign exchange business. They should perform their social responsibilities and promote the reform measures with regard to foreign exchange administration. They also should guide market players to rationally use the funds and immediately report problems once they are spotted, so as to jointly safeguard the stability of foreign exchange markets.