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China steps to curb hot money inflows

 
0 CommentsPrint E-mail Xinhua, November 9, 2010
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China's foreign exchange regulator on Tuesday introduced measures to increase checks on the foreign exchange businesses and further curb inflows of hot money.

The move came a week after the U.S. Federal Reserve announced a new round of "quantitative easing," raising concerns about excessive liquidity.

The State Administration of Foreign Exchange (SAFE) said in a statement on its website that it would strengthen auditing of fund repatriation by Chinese companies listed overseas, and of inbound investment by foreign-invested companies.

The SAFE also set a floor on the size of foreign exchange positions for banks operating here, and said bank's daily net U.S. dollar positions should not be less than that of the previous day.

It would also strictly supervise financial institutions' quotas for the use of short-term foreign debt and prevent banks from overusing their quotas, the statement said.

The SAFE said the measures were aimed at maintaining China's economic and financial security.

On Nov. 1, the SAFE published a list of companies and individuals who had been fined for falsifying contracts and claims for the use of speculative capital during foreign exchange deals.

Zhou Xiaochuan, governor of the People's Bank of China, said Friday that Chinese regulators would work to prevent abnormal capital inflows by bolstering foreign exchange controls and maintaining overall liquidity at a proper level.

He warned that the second round of "quantitative easing" by the United States might have a negative impact on the global economy, and flood the global economy, especially emerging economies, with liquidity.

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