China c.bank has set no limits on yuan outflows

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BEIJING, April 21 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)


Source: einnews.com