The People’s Bank of China is moving to further curb capital outflows by restricting the ability of foreign firms to repatriate earnings, banning yuan-based funds for overseas investments and shrinking the amount of yuan available for Hong Kong banks to use for making loans–often without publicly disclosing said measures, The Wall Street Journal reported, citing a variety of unnamed sources. “They’re sparing no effort to prevent capital outflows,” said a senior Chinese banking executive close to the central bank. “All the measures are the most aggressive I’ve seen in recent history.”
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