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In China, the situation is stabilized with the outflow of capital

09/01/2017 14:14

Chinese authorities introduced measures to curb the outflow of capital from the country have been effective, and the adoption of new measures is unlikely, said adviser to the People's Bank of China (PBOC, the central bank of the country) Fan Gang in an interview with Bloomberg Television.

However, despite the fact that markets have begun to respond to the measures, the Chinese authorities do not intend to completely abandon interventions, said Fan Gang.

The sharp weakening of the yuan has provoked a rapid outflow of capital from China. The course of the Chinese national currency to the US dollar in 2016 fell by 6.5% - this is the most significant decline since 1994, capital outflows from China in 11 months of 2016 amounted to $ 760 billion.

Recently, the Chinese government adopted a series of measures designed to restrict the outflow of capital. Since December 30, the People's Bank of China (PBOC) has tightened the requirements for the provision of reporting banks on cross-border transactions of their customers, as from January 1, introduced additional measures to control purchases of foreign currency citizens.

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