Foreign Exchange Chief Seeks to Reassure on Capital Controls
(Beijing) – Foreign companies can repatriate their profits overseas provided they comply with official requirements, Pan Gongsheng, China’s foreign exchange regulator, told Caixin, seeking to address concerns that capital controls aimed at halting an exodus of money are hurting business operations.
Pan, who heads the State Administration of Foreign Exchange (SAFE), made the comments in an interview with Caixin, where he discussed the measures authorities have taken over the past several months to rein in capital outflows and stop the drain on China’s foreign-exchange reserves.
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