China Curbs on Pulling Money Out of Country
China has added new restrictions on taking the yuan out of the country as authorities try to prevent capital outflows from destabilising the financial system. Officials will not approve request to take the yuan overseas for converting into foreign currencies unless a valid business reason is provided.
“In total, $275 billion has left the country via yuan payments this year till October compared to a $101.5 billion inflow in the same period of 2015.”
China’s central bank has noticed that funds are increasingly leaving as yuan payments. In total, $275 billion has left the country via yuan payments this year till October compared to a $101.5 billion inflow in the same period of 2015. This has caused the yuan to weaken to an eight year low agains the dollar.
Related Reports: Bloomberg
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