Capital controls are working
Top business and technology news for January 20, 2017. Part of the daily The China Projectย news roundup "The Trump-Xi era begins."
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Chinaโs yuan outflows plummet, showing capital controls pay offย / Bloomberg
Data from the State Administration of Foreign Exchange (SAFE) shows that โthe equivalent of a net $309.4 billion left China via yuan payments in 2016.โ Partly as a result of these outflows, the yuan dropped in value against the dollar โthe most in more than two decades,โ and Chinaโs foreign reserves fell โnear the psychologically relevant $3 trillion level.โ This prompted regulators to take a variety of steps to slow down capital outflows, which Bloombergย says are now starting to show results.
- China extends Hollywood push with $1 billion Paramount investmentย / Reuters
- China cuts reserve ratios for five big banks temporarily amid cash squeezeย / Reuters
- China GDP beats expectations but debt risks loomย / Reuters
- Chinaโs questionable GDP numbers: Why does it even bother?ย / Australian Broadcasting Corporation
- Alibaba backs Olympics through 2028ย / CNN