State Administration of Foreign Exchange

The State Administration of Foreign Exchange of the People's Republic of China is an administrative agency tasked with drafting rules and regulations governing foreign exchange market activities, and managing the state foreign exchange reserves, which at the end of June 2009 stood at $2.13 trillion for the People's Bank of China. The current director is Yi Gang.

Role

SAFE's existence and role were initially closely guarded secrets, its subsidiaries were minor, but the funds under management have increased significantly in recent years. They were responsible for running SAFE's portfolio across the various time zones, replicating the investments of head office in Beijing.Jamil Anderlini, , Financial Times, 5 January 2008

SAFE created and controlled the Central Huijin Investment Company, but in September 2007, it ceded control to the newly formed sovereign wealth fund, China Investment Corporation.

With the burgeoning of China's reserves and amidst increasing rivalry between state agencies, there are signs of growing independence of and competition between the subsidiaries.

Management

The current Administrator of SAFE is Yi Gang. Deng Xianhong, Fang Shangpu, Wang Xiaoyi, Li Chao are Deputy Administrators.

Structure

• SAFE Head Office
• General Affairs Department (Policy and......
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