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China central bank has set no limits on yuan outflows - paper
April 21, 2017 / 11:37 AM / 6 months ago

China central bank has set no limits on yuan outflows - paper

BEIJING (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.

FILE PHOTO: A staff member walks in front of the headquarters of the People's Bank of China (PBOC), the central bank, in Beijing, June 25, 2013. REUTERS/Jason Lee/File Photo

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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