China Gets Strict on Forex Transactions to Stop Money Exiting Abroad
- Regulator targets outflows for property, money laundering
- Bank customers must pledge to stick to currency rules
Panmure's French: China as a Currency Manipulator
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At risk of capital flight, China marked the new year with extra requirements for citizens converting yuan into foreign currencies.
The State Administration of Foreign Exchange, the currency regulator, said in a statement Dec. 31 that it wanted to close loopholes exploited for purposes such as money laundering and illegally channeling money into overseas property.