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Insurers' overseas business in spotlight

China's insurance and foreign exchange regulators on Monday issued a notice to strengthen control of the country's insurers' overseas financing business with onshore collateral. The goal is to curb financial leverage and prevent illegal shifting of onshore assets to overseas markets. The notice required that the value of overseas financing by Chinese insurers must not exceed 20 percent of their total net assets by the end of the previous quarter. The regulators also warned that insurers must not engage in foreign exchange fraud or illegal and speculative trading through their overseas financing business.