22 Sep 2016
China’s foreign exchange regulator has pledged to up the ante in its clampdown of what it calls “fake” overseas investments, after some individuals and companies were found to be using false deals to move assets out of the country.
But officials insist capital outflow levels are easing.
Guo Song, the State Administration of Foreign Exchange (SAFE) director-general of Capital Account Management, said on Thursday that in the past year it had found cases of assets being moved overseas, which were falsely claimed as being for mergers or acquisitions.
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