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The State Administration of Foreign Exchange (SAFE) is designated with the following functions:

1. Designing and implementing the balance of payments (BOP) statistical system in conformity with international standards, developing and enforcing the BOP statistical reporting system, and collecting relevant data to compile the BOP statement;

2. Analyzing the BOP and foreign exchange positions , providing policy proposals with aim to achieving an
equilibrium BOP position, and conducting feasibility study on the convertibility of the renminbi under capital account;

3. Drafting rules and regulations governing foreign exchange market activities , overseeing the market conduct and
operations, and promoting the development of foreign exchange market ; analyzing and forecasting the foreign exchange supply/demand positions and providing the People's Bank of China (PBC) with propositions and references for the formulation of exchange rate policy;

4. Promulgating regulatory measures governing foreign exchange transactions under current account and supervising the transactions accordingly; monitoring and regulating the foreign exchange account operations both in China and abroad;

5. Managing and monitoring foreign exchange transactions under capital account, including inward and outward remittance and payments;

6. Managing foreign exchange reserves of the country in accordance with relevant rules and regulations;

7. Drafting foreign exchange administration rules, examining the domestic entities' compliance with foreign exchange administration rules and regulations , and penalizing institutions engaging in illegal practices;

8. Participating in relevant international financial activities;

9. Performing other duties and responsibilities assigned by the State Council and the PBC.

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