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Curbs on forex inflows tightened
(Shenzhen Daily/Agencies)
Updated: 2005-09-16 10:28

China is stepping up curbs on unusual inflows of capital, the China Securities Journal said Thursday, signaling official concerns about persistent speculation on the yuan after July's landmark revaluation.

"Foreign exchange authorities will strengthen monitoring and management on abnormal capital flows through individual foreign exchange transactions, non-residents' property investment, offshore financing and trade-related credit," the newspaper said.

"The authorities will pay special attention to foreign exchange incomes and expenditures of local residents and property investment by non-residents," the newspaper said.

Chinese banks bought a net US$170 billion in foreign currencies last year in dealing with companies and individuals, including US$39 billion from local residents, the newspaper said.

Such money put upward pressure on the yuan and added to the official foreign exchange reserves, which hit US$711 billion at the end of June.

Many Chinese have rushed to convert their dollar savings into yuan in recent months amid speculation on the yuan while foreigners and overseas Chinese have bought property in rich cities to make profits, fanning fears of a property bubble.

The People's Bank of China, the central bank, revalued the yuan by 2.1 percent against the dollar July 21 in a move that gave wider play to market forces in setting the exchange rate.

Last year, the government made it tougher for companies to raise foreign debt out of concern that Chinese firms were borrowing more from abroad in expectation of a revaluation of the yuan, which would make the foreign loans cheaper to repay.

China also set limits on short-term overseas borrowings by foreign banks to help curb speculative capital inflows.

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