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
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.
The current Administrator of SAFE is Yi Gang
. Deng Xianhong
, Fang Shangpu
, Wang Xiaoyi
, Li Chao
are Deputy Administrators.
- SAFE Head Office
- General Affairs Department (Policy and......