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Thursday, December 11, 2008

FOREX-China regulator vows to help exporters

BEIJING, Dec 11 (Reuters) - China's foreign exchange regulator pledged on Thursday to improve its services to the country's exporters, who have been hit hard by weakening demand overseas, while promoting balance in international payments overall. The State Administration of Foreign Exchange (SAFE), in a statement on how it would implement the conclusions of the Central Economic Work Conference that wrapped up on Wednesday, said that it would also keep an eye on the international financial crisis and cross-border capital flows.

'We will greatly improve forex services, facilitate trade and investment, support foreign trade and exports and make it more convenient for firms, especially small and medium-sized ones, to obtain trade finance,' SAFE said on its website (www.safe.gov.cn).

The agency did not provide detailed policy prescriptions. China's exports fell 2.2 percent in the year to November, the first monthly drop in seven years. Actual foreign direct investment into China fell 36.5 percent in November compared with a year earlier.

(Reporting by Zhou Xin; Editing by Victoria Main)

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