State Administration of Foreign Exchange (SAFE)

The State Administration of Foreign Exchange (SAFE) is China's government agency responsible for managing the country's foreign exchange reserves, overseeing currency policies, and regulating cross-border capital flows. It ensures stability in the yuan's value, facilitates international trade and investment, and enforces rules related to foreign currencies. Essentially, SAFE maintains the balance between China's economic interests and international financial stability by controlling how foreign exchange is bought, sold, and transferred in and out of the country.