Wednesday, May 28, 2008

Regulation on RMB accounts of foreign investors

Securities regulators unveiled measures to regulate RMB accounts and RMB depository business by overseas investors with an aim to prevent hot money from flowing into mainland China through Hong Kong.

The State Administration for Foreign Exchange required banks in Shenzhen to submit the aggregate amount of accounts exceeding RMB 50,000 by overseas investors.

It was also noted that 50,000-odd capital amounts should be sided with specific reasons and purposes.

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