PBoC backs move to smoothen flow of money

New Straits Times - - Business | World -

BEI­JING: Pol­i­cy­mak­ers sup­port open­ing fi­nan­cial mar­kets for cap­i­tal and in­vest­ment to flow both in and out of the coun­try, said cen­tral bank deputy gover­nor Pan Gong­sheng.

China would push ahead on over­sight and en­force ex­ist­ing reg­u­la­tions on for­eign ex­change, he said on Sun­day.

A healthy for­eign-ex­change mar­ket would help all par­tic­i­pants, said Pan, who also heads the state ad­min­is­tra­tion of for­eign ex­change, which ex­e­cutes cur­rency pol­icy.

With the United States tight­en­ing loom­ing and the Peo­ple’s Bank of China (PBoC) in­ter­est rate at a record low, China’s cap­i­tal out­flow pres­sures are poised to in­ten­sify this year.

The cen­tral bank has stepped up scru­tiny of re­quests to move money out of the coun­try since last year, and it’s also speed­ing re­forms to open up the do­mes­tic bond mar­ket to lure more for­eign in­vestors.

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