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