Chinese Regions Urge Companies to Curb Foreign-Currency Buying
- Steps said to be taken to slow purchase of foreign currencies
- China’s capital exodus reached the worst since 2016 last month
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Some of China’s regional authorities are guiding firms to slow purchases of foreign currencies in a sign the nation is taking further measures to discourage capital outflows amid yuan weakness.
Regional regulators have been verbally guiding a number of companies in coastal provinces to delay or cut bulk buying of foreign exchange, especially the US dollar, people familiar with the matter said, asking not to be identified discussing private matters.