Abbreviation for synthetic agreement for forward exchange. A type of forward currency exchange rate agreement designed to provide a currency hedge over a specific forward period. Equivalent to a forward currency swap without an exchange of principal. SAFE is also an abbreviation for State Administration for Foreign Exchange, the body responsible for China's foreign exchange reserves which amounted to nearly two trillion dollars as of 2009.

See also: ERA, http://www.safe.gov.cn/model_safe_en/index.jsp