Cross-border funds flow to be checked

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December 30, 2016

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Cross-border funds flow to be checked

By Feng Jianmin | December 30, 2016, Friday |

Print Edition

CHINA’S top auditor will closely scrutinize cross-border capital flow and overseas investment next year to prevent financial risks.

The National Audit Office said it will carry out a financial audit on bank loans, cross-market regulation, Internet finance, and cross-border capital flow to ensure financial support to the real economy and prevent systematic risks, said Liu Jiayi, head of the office.

The office will also enhance audit of overseas operations and ensure state-owned capital is used properly overseas.

Four government departments, including the Ministry of Commerce and the State Administration of Foreign Exchange, said in November that they will continue to require companies to report their overseas investments to them. They will also strictly verify cross-border investment and deals.

Authorities are seeking to rein in capital outflow amid a yuan depreciation.

The yuan has weakened over 6 percent against the US dollar this year as the US economy recovers and the Federal Reserve has signaled that more interest rate hikes are likely next year.

Other tasks the office will undertake next year include checking how reform policies are implemented, and monitoring state-owned companies and assets, public welfare investment, and environment protection, Liu said.

Finance

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Cross-border funds flow to be checked

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