Mar 01, 2012 07:18 PM

PBOC Denies Reports of Open Cross-Border Yuan Transfers

By intern reporter Wang Shenlu

(Beijing) – The Shenzhen branch of the People's Bank of China batted back rumors that the bank began allowing cross-border yuan settlements for individuals.

Overseas media reported February 29 that the central bank's Shenzhen branch had issued a notice to local banks lifting capital controls for individual yuan fund transfers to accounts overseas. Currently, Chinese residents can't transfer yuan to overseas banks directly.

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