China’s FX Regulator Announces Latest Steps to Keep Cash at Home
PBOC Said to Order Banks to Curb Loans
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China’s foreign exchange regulator has announced measures aimed at luring money back to the country or keeping it there in the latest effort to stem capital outflows and bolster a weakening currency.
The State Administration of Foreign Exchange asked companies with outbound investment plans to clarify the source of their funding for purchases and give additional details on their spending plans. That increased scrutiny comes as a record global shopping spree last year by Chinese firms abroad contributed to an exodus of capital.