Caixin
ECONOMY

Foreign Exchange Chief Seeks to Reassure on Capital Controls

By Wu Hongyuran, Peng Qinqin and Fran Wang
Pan Gongsheng, Deputy Governor of the People’s Bank of China and head of the State Administration of Foreign Exchange. Photo: Liang Yingfei/Caixin
Pan Gongsheng, Deputy Governor of the People’s Bank of China and head of the State Administration of Foreign Exchange. Photo: Liang Yingfei/Caixin

(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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