China aiming for 'basic balance' in payments

The head of China's currency regulator SAFE said Sunday 21 January that it will ease rules for capital to flow out of the country this year while making it harder for money to enter.

Chinese banks, insurers, companies and individuals will be allowed to convert more yuan into foreign currencies for buying overseas stocks and debt, while rules are being tightened to control short-term capital inflows.

The moves are aimed at "actively promoting the basic balance" of the Chinese balance of payment

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