BEIJING (Oct 28): China's foreign exchange regulator said recent media reports that it had asked banks to take measures to reduce their net forex sales were "not accurate", according to a statement posted on the regulator's website on Friday night. The State Administration of Foreign Exchange (SAFE) did not specify which outlets the reports came from. The statement also told banks to strengthen checks on forex transactions to make sure they were genuine and based on actual needs. Market watchers have said Chinese authorities have reinforced capital controls to curb money outflows to ease pressure on the yuan. SAFE also said it would step up monitoring on cross-capital flows and crack down on illegal forex activities, according to the statement.

Source: The Edge Markets October 28, 2016 15:30 UTC