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China says no return to old capital controls
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CHINA will not block money flows out of the country as authorities vow to open further the financial sector, the head of the foreign exchange regulator said in an interview published yesterday.
“Once opened, the window won’t be shut again,” Pan Gongsheng, chief of the State Administration of Foreign Exchange and a deputy governor of the People’s Bank of China, told China Business News.
The priorities are continuing financial reforms and opening up while preventing risks and maintaining stability of markets, he said.
China won’t return to the old ways of controlling capital flows, and will adopt more closely global financial practices, Pan said.
His comments came as China enhanced inspection on money flows out of the country as capital continued to exit amid a yuan depreciation.
Actions taken by the government include limiting individuals’ use of bank cards to buy insurance policies and enhancing scrutiny on companies’ overseas investment.
The yuan lost over 6 percent against the US dollar last year, extending a 5.8 percent depreciation in 2015.
Latest data showed China’s forex reserves fell in January from a peak of US$3.99 trillion in June 2014 to less than US$3 trillion for the first time in six years.
Pan said it was normal for the forex reserve levels to fluctuate in light of complicated economic and financial environments.
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