From July 27 to July 28, the People's Bank of China (PBC) and the State Administration of Foreign Exchange (SAFE) held a training course on Article VIII of IMF's Articles of Agreement in Hangzhou. Attendees include department representatives of the PBC and SAFE, and responsible persons from their branches and sub-branches who are committed to cross-border RMB management and foreign exchange administration under the current account.  

Ms. Katharine Christopherson, Assistant General Counsel at the International Monetary Fund (IMF), Ms. Kyung Kwak, Senior Counsel at the IMF and Mr. Aditya Gaiha, former Senior Financial Expert at IMF's Monetary and Capital Markets Department were invited to give lectures on the connotation and implementation of Article VIII of IMF's Articles of Agreement, and how government administrations could better perform their obligations as provided for in Article VIII.

Since accepting the obligations of Article VIII of the IMF Articles of Agreement on December 1, 1996, China has been committed to advancing and deepening the foreign exchange administration reform, duly ensuring genuine international payments and transfers under the current account that are in compliance with regulations, and promoting trade and investment facilitation, in a bid to enhance the efficiency and level of serving the real economy.

This training program will help China deepen its understanding of the obligations of Article VIII and draw on best practices and experience of member countries for regulation, and therefore is critical and positive for the country to perform its obligations as a member country of the IMF. The training program will also support China's efforts to further improve and refine the balance of payments regulation, better guard against the risks associated with cross-border capital flows and maintain an equilibrium of the balance of payments.