Major currency: Signage for digital yuan is seen at a supermarket in Shenzhen. The signing of the Regional Comprehensive Economic Partnership, the world’s biggest trade pact, would provide a new driving force to yuan internationalisation. — Bloomberg
BEIJING: China’s foreign exchange regulator said there are plans to free up inbound and outbound cross-border capital flows in the mid to long term, and to build a capital management foundation for personal investment in foreign markets, according to a senior official.
State Administration of Foreign Exchange (SAFE) deputy director Zheng Wei said two-way free floating of cross-border capital should prevent violation of national security rules and limit high-risk trading. It should comply with requirements against money laundering, terrorist financing and tax evasion, she said at the 2020 China Financial Forum.
Limited time offer:
Just RM5 per month.
