China needs to step up global financial integration: official

China needs to further open its capital markets and financial industry to avoid being globally isolated, a senior foreign exchange regulator said on Saturday.

China will conform to international rules to promote further integration of its capital markets, and continue interest rate and exchange rate reforms in a steady and prudent manner, Lu Lei, deputy director of the State Administration of Foreign Exchange (SAFE), said during an industry forum in Shanghai.

“China should use a higher level of opening to counter the risks of blockade and containment,and actively embrace,and integrate into the global financial system,” Lu said.