Similarly, the State Administration of Foreign Exchange (SAFE), the subsidiary of the People’s Bank of China that controls the foreign-exchange transactions of commercial banks and households, derives its power from controlling capital inflows and outflows. Recognizing that progress toward capital-account liberalization would imply its eventual demise, SAFE has made numerous excuses (to which the recent financial crises in the West have lent credence) for retaining tight control over foreign-exchange transactions.
类似地，外管局是中国人民银行下属管理商业银行和家庭外汇交易的机构，其权力来自对资本流进流出的管制。外管局明白向资本账户自由化迈进意味着它最终将被解散，因此以各种借口（最近的西方金融危机让这些借口看起来颇有道理）继续保持对外汇交易的严格管制。因此，尽管政府言之凿凿要实现资本账户自由化，但人民银行仍没有作出显而易见的进展。