Trading news

China’s Efforts to Stem Capital Outflows Are Starting to Pay Off

China’s campaign to stop cash flooding out of the country is showing some success.

For the first time since the yuan’s devaluation in August 2015, Chinese banks last month registered net inflows under the capital account, according to cross-border payments figures released last Thursday by the currency regulator. The yuan, which plunged last year by the most in two decades, is now heading for its biggest monthly advance against the dollar since March.

China is stepping up measures to stabilize the yuan and stem outflows after the currency plunged by the most in more than two decades last year. Regulators have tightened capital controls and mopped up offshore supply of the yuan to deter bearish bets on the currency. China was reported in November to be planning to bar most foreign investments of $10 billion or more, and authorities have also asked banks to report capital account transactions involving foreign currency of above $5 million, people familiar with the request have said, asking not to be identified because the information is private.

AG Markets Review

Tuesday, 24 Jan, 2017 / 4:32

Note: Company News is a promotional service of the Directory and the content isn't created by Finance Magnates.

Source : https://www.ag-markets.com/news/

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