China’s SAFE Denies Reports on Flows Stricter Administration

[kreslik.news]

The State Administration of Foreign Exchange’s (SAFE), China’s foreign exchange regulatory agency, on Friday denied media reports that it has introduced fresh measures to curb rising outflows of capital, following recent rounds of currency devaluations.

To unlock the Asian market, register now to the iFX EXPO in Hong Kong

Earlier today, Bloomberg News quoted people familiar with SAFE’s affairs as saying: “China has asked some banks to stop processing cross-border yuan payments until they balance inflows and outflows, as authorities step up a campaign to curb a record amount of money leaving the nation in the local currency.”

In ... (read more)