USEUROPEAFRICAASIA 中文双语Français
Home / World

Regulators right to act to ward off financial speculation

By Xin Zhiming | China Daily | Updated: 2017-01-19 07:38

China's monetary regulators have been strict in checking the background of foreign exchange purchases amid intensifying pressure on capital outflows and contracting foreign exchange reserves.

The State Administration of Foreign Exchange recently required the existing rule on information reporting regarding the purpose of foreign exchange purchases be implemented in a much stricter way. According to media reports, those who exchange foreign currencies are now required to give more detailed proof of their planned activities falling into such approved categories as tourist travel, education, business travel, visiting relatives, medical treatment, imports of goods, buying non-investment insurance products and consultation services.

For many who have advocated economic liberalism and those who truly believe in it - both in and outside China - the country's recent move to tighten regulations on capital flows goes against their long-held belief and thus is unbearable. They have argued that China should allow capital to flow in and out freely.

Regulators right to act to ward off financial speculation

Today's Top News

Editor's picks

Most Viewed

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US