Capital Control

China promises to loosen capital control, but no rapid progress expected

Hastening yuan convertibility is one of the key reforms.

Julia Yang's spirits rose when the Communist Party said this month it would accelerate the deregulation of the mainland's capital account to facilitate cross-border investment.

Saturday, 30 November, 2013, 2:03am 1 comment

Emerging nations stem capital flows

The Bank of Japan is to refrain from adding extra economic stimulus after a slide in share prices that may hurt a growth drive. Photo: AFP

Emerging markets from Brazil to India took steps this week to stem an outflow of capital as concern mounted that developed nations are approaching an end to an era of pumping unprecedented liquidity into their economies.

14 Jun 2013 - 3:49am

Malaysian PM was ahead of his time

Former Malaysian prime minister Mahathir Mohamad. Photo: AFP

Dr Mahathir Mohamad is having the last laugh. Rather than going cap in hand to the International Monetary Fund, the former prime minister of Malaysia was called an idiot, an ignoramus and a pariah for introducing capital controls during the Asian financial crisis. Now look what's happening in Europe, especially with the latest rescue of Cyprus' banking system.

27 Mar 2013 - 3:09am 7 comments

Does democracy matter for renminbi success?

China must create a more transparent rules-based bureaucracy to achieve its monetary goals. Photo: Reuters

China has unveiled its first aircraft carrier, and is gearing up to challenge the United States in the South China Sea. By initiating a plan to internationalise its currency, China is similarly seeking to challenge the dollar on the international stage.

In carving out a global role for the renminbi, Chinese policymakers are proceeding deliberately. So, will China's plan succeed?

17 Oct 2012 - 3:13am 2 comments

Miyazawa plans cash-raising aid for crisis nations

Japanese Finance Minister Kiichi Miyazawa is today expected to unveil an initiative to help struggling East Asian governments raise cheaper sovereign debt.

It is understood the Japanese Government will offer to guarantee Asian sovereign bond issues, particularly to countries prepared to issue yen debt in Tokyo.

15 May 1999 - 12:00am

Keep controls at bay

ONLY six months or so ago the conventional wisdom was that the economic crisis which had started in Thailand in the summer of 1997 could be contained to Asia. Now, concern is widespread the whole world is on the edge of a downturn. One result of this is that policy changes are being aired which would have been taboo when open, globalised markets were the only game in town.

25 Oct 1998 - 12:00am

Crisis opens fault-line in capital confidence

The Asian economic crisis is the kind of once-in-a-decade event that raises fundamental questions about our system of international capitalism, the kind of debate to stir the cockles at clever London think-tanks and make celebrities of radical US academics who saw the drama coming.

11 Apr 1998 - 12:00am

Questions hang over behaviour of forex markets

Histrionics about George Soros aside, Malaysian Prime Minister Mahathir Mohamad might have a point in his complaints about the way external foreign exchange markets forced the devaluation of the ringgit.

23 Sep 1997 - 12:00am