China’s efforts to shore up its currency by placing restrictions on foreign acquisitions could benefit aviation and shipping giant HNA Group by reducing competition for deals from other Chinese bidders, one of its top executives said. Guang Yang, chief investment officer of HNA Capital, also said on Tuesday he hoped that the Chinese currency curbs would be temporary. China has tightened control of capital leaving its borders in the past week to stabilize the yuan CNY=CFXS, which hit a low in November not seen in more than eight years. Cash transfers abroad of more than $5 million for portfolio or direct investment are drawing more scrutiny from the government, sources have told Reuters. “That will limit some other not so qualified – in our view – buyers,” Guang said. “That will put us in a position to do acquisitions with less competition.”
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