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ECONOMY

Head of Foreign Exchange Watchdog Vows to Strengthen Fight Against Capital Flight

By Fran Wang
Pan Gongsheng, deputy governor of the People's Bank of China and administrator of the State Administration of Foreign Exchange, speaks during a news conference of the 12th National People's Congress (NPC) in Beijing on March 12, 2016. Pan said Sunday that authorities will crack down on violations like moving assets overseas through fake overseas investments. Photo: Visual China
Pan Gongsheng, deputy governor of the People's Bank of China and administrator of the State Administration of Foreign Exchange, speaks during a news conference of the 12th National People's Congress (NPC) in Beijing on March 12, 2016. Pan said Sunday that authorities will crack down on violations like moving assets overseas through fake overseas investments. Photo: Visual China

(Beijing) — China this year will intensify its crackdown on unlawful transfers of assets offshore, the country’s top foreign exchange official said. However, he downplayed concerns over full-blown capital controls.

Chinese authorities in recent months have taken a series of steps to curb capital outflows, which were fueled as investors sought greater returns on dollar assets as the greenback strengthened and pessimism about China’s growth increased. Such measures have spooked investors.

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