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China c.bank has set no limits on yuan outflows - paper
April 21, 2017 / 11:32 AM / 6 months ago

China c.bank has set no limits on yuan outflows - paper

BEIJING, April 21 (Reuters) - China’s central bank has never imposed controls on cross-border yuan deals to demand that banks match outflows with equal inflows, the official Shanghai Securities Journal on Friday.

Banking sources on Wednesday said China’s central bank had relaxed some of the curbs on cross-border capital outflows put in place just months ago to shore up the yuan currency.

Since last year, the People’s Bank of China has moved to regulate cross-border yuan transactions to help prevent risks from “abnormal cross-border flows”, the newspaper said in a report on its website.

“These policies do not change the existing policy framework on cross-border use of renminbi (yuan)... and (the central bank) has never set any limits on the legitimate cross-border renminbi payments,” the newspaper said.

Officials at the central bank are not immediately available for comment. (Reporting by Kevin Yao; Editing by Clarence Fernandez)

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