Rising Capital Outflow Backlog

SCMP: China urges foreign firms to make ‘joint efforts’ to control flow of cash out the country
China’s foreign exchange regulator has asked for cooperation from multinationals, including Sony, BMW, Daimler, Shell, Pfizer, IBM and Visa, to manage and control the flow of capital out the country.

The request was made public in a report on the State Administration of Foreign Exchange’s website after the regulator’s chief addressed a delegation of foreign businesses in China at a symposium in Beijing on Wednesday.

“A stable and good foreign exchange market is in line with the common interests of regulators and market players and it requires joint efforts from all sides,” Pan Gongsheng was quoted as saying.

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