China’s Regulators Ban Net Renminbi Outflows From Banks Amid Currency Concerns
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China’s Regulators Ban Net Renminbi Outflows From Banks Amid Currency Concerns
China’s regulators are reportedly clamping down on banks from making net renminbi outflows, closing one of the remaining capital control loopholes, in a move that is perceived as a setback for the Chinese government’s broader strategy of internationalising its currency, according to a Financial Times report today.
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Clampdown
According to the report, banks in Shanghai must import Rmb100 for every Rmb100 they allow a client to remit overseas, ensuring no net outflows of the Chinese currency. They were previously allowed to remit Rmb160 overseas for every Rmb100 they ... (read more)
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