Menu

Search

  |   Commentary

Menu

  |   Commentary

Search

PBoC lifts curb on outbound renminbi payments as outflows pressure eases

The People's bank of China (PBoC) has scrapped a restriction on cross-border capital movement imposed in January as outflows pressure eases. This was the first concrete move to loosen capital controls since authorities began imposing curbs designed to shield the renminbi from downward pressure last year.

Chinese financial institutions are no longer required to maintain a balance of inflows and outflows when processing cross-border renminbi payments. Joerg Wuttke, president of the European Union Chamber of Commerce in China, said that the PBoC has delivered the latest instructions orally and written regulation are likely in June that would specify due-diligence requirements for banks to process renminbi payments.

The move suggests the authorities are increasingly confident they have weathered the country’s worst-ever bout of capital outflow. That said, other recent curbs on capital outflow, notably a crackdown on foreign acquisitions by foreign companies, remain.

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

2017-08-18 11:35:17
0m
2017-08-18 11:30:45
0m

August 18 11:30 UTC Released

INDeposit Growth*

Actual

10.80 %

Forecast

Previous

10.4 %

August 18 11:30 UTC Released

INBank Loan Growth*

Actual

6.30 %

Forecast

Previous

6.2 %

August 18 12:30 UTC 33m

CACurrent Account NSA,EUR*

Actual

Forecast

1.2 bln EUR

Previous

1.0 bln EUR

August 18 12:30 UTC 33m

CACurrent Account SA, EUR*

Actual

Forecast

Previous

0.9 bln EUR

August 18 12:30 UTC 33m

USCPI BoC Core MM

Actual

Forecast

0.1 %

Previous

0.1 %

August 18 12:30 UTC 33m

USCPI MM SA

Actual

Forecast

Previous

0.0 %

August 18 12:30 UTC 33m

USCore CPI MM SA

Actual

Forecast

Previous

0.2 %

August 18 12:30 UTC 33m

USCPI Median

Actual

Forecast

Previous

1.6 %

August 18 12:30 UTC 33m

USCPI Trim

Actual

Forecast

Previous

1.2 %

August 18 12:30 UTC 33m

CACPI Inflation MM

Actual

Forecast

0.0 %

Previous

-0.1 %

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.