The headquarters of the People's Bank of China in Beijing. Photo: Reuters

China’s capital outflow controls have gone to the ‘extreme’, former central bank adviser says

  • Yu Yongding, a former adviser to the People’s Bank of China, was unable to transfer US$20,000 abroad after being told by an unnamed bank that he was too old
  • The case adds fresh evidence that China is tightening controls of personal purchases of US dollars despite a US$50,000 personal allowance each year
Topic |   China economy

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The headquarters of the People's Bank of China in Beijing. Photo: Reuters
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Under the proposed rule, so-called countervailing duties could be imposed when foreign governments “subsidise” their products by weakening its currency relative to the US dollar to gain competitive advantage, according to the US Commerce Department. Photo: Xinhua

China would not fall foul of US proposal to penalise currency manipulators, analysts say

  • US President Donald Trump seeking to penalise countries that allow their currency to fall against the US dollar to offset the impact of new US trade sanctions
  • The yuan has fallen about 8 per cent against the US dollar since the trade war started in July last year, but China does not meet the current criteria to be labelled a currency manipulator
Topic |   Currencies

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Under the proposed rule, so-called countervailing duties could be imposed when foreign governments “subsidise” their products by weakening its currency relative to the US dollar to gain competitive advantage, according to the US Commerce Department. Photo: Xinhua
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