China's State Administration of Foreign Exchange (SAFE): • Says it'll severely crack down on illegal FX activities. • To strengthen FX situation monitoring and policy reserves. • Will further improve management of FX reserves. • Will effectively safeguard stable operations of forex market, and the national economy, and financial stability. • Will steadily promote diversified asset allocation, ensure safety of liquidity and value preservation of FX reserve assets. All of the above is probably what an FX regulator should be expected to do. What they probably really want to do is figure out a way to bolster the yuan, ... (full story)