Rolled out measures to stem capital outflows
As the yuan trades lower and near 11 near lows, the Chinese financial authorities have rolled out measures to stem capital outflows.
According to the Nikkei Asian Reviews the measures include
- stricter oversight of banks
- restrictions on real estate developers access to foreign-currency bonds
Banks will be evaluated on the amount of Yuan wired offshore in the volume of foreign-currency sold. If there is deemed the irregularities, the bank's grade will be diminished and the bank will face limits on banking activities.
