Beijing: China will continue to crack down on illegal foreign exchange activities but won`t revert back to the "old road" of capital controls, the country`s top foreign exchange regulator said.


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The remarks were made by Pan Gongsheng, head of the State Administration of Foreign Exchange (SAFE), during separate meetings with Andrew Rashbass, CEO of Euromoney Institutional Investor PLC, and Blackstone`s president Tony James on Wednesday.


SAFE posted a statement on the meetings on its website on Friday.


Pan said China`s economic growth is in reasonable range. Its yuan currency is basically stable against a basket of currencies, and there is no basis for continued yuan depreciation.


He added that the international balance of payments position is basically stable, while cross-border capital flow risks are under control.