Now Chinese officials are trying harder than ever to avoid a repeat of the financial scare four years agothat sapped its money reserves by hundreds of billions of dollars. The State Administration of Foreign Exchange, a key government regulator, said Sunday that its most important job next year is to prevent major financial risks, avoid "abnormal" capital flows across its borders and crack down on illegal trading activities.
"We need to fight a critical battle" to defuse financial risks and maintain market stability, SAFE said in an statement. The pledge was an unusually strong one for the agency, which deployed the kind of military language more often used by top leaders in China.