As a result of the yuan’s weakening, many Chinese companies and ordinary citizens had been devising schemes to take their currency out of the country before it deteriorates further.Currency curbs will last until the yuan is stable, but most likely, undervalued.
Those measures may be subjected to adjustments once the currency markets are stabilised, Chan said Monday, after his meeting with Zhou.
Chan’s three-day trip to Beijing included visits to the China Banking Regulatory Commission, the Asia Infrastructure Investment Bank, as well as with Chinese vice premier Ma Kai, who formerly headed the National Development & Reform Commission.
By using administrative measures to control the currency, the Chinese monetary authority is exercising greater flexibility “to highlight that the overall direction of China’s financial reforms remain market-oriented, and remain unchanged,” said ANZ Bank’s China economist Qu Tianshi. These are just measures “put in place to stem the capital outflows,” he said.
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