Central bank eases rules for funds leaving China
20 March 2008
China's central bank announced the country would soon stop checking the sources of foreign exchange for Chinese outbound investment, a move likely intended to encourage capital outflows and curb excess liquidity, the Wall Street Journal reported. No time frame was given for implementation. The People's Bank of China also said it would manage the country's vast foreign-exchange reserves in a way that maintains the stability of global markets, and that it would consider ways to open up domestic financial markets to foreign investment. In a 2007 report, the central bank said it would encourage Chinese companies and individuals to invest directly in industries abroad.
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