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John123

China Outlines Plan to Ease Capital Controls

China outlined plans to allow citizens to invest in overseas stocks and property as well as let the nation’s companies sell yuan-denominated shares abroad, furthering efforts to internationalize its currency.

Chinese nationals will be able to buy equities and real estate via a Qualified Domestic Retail Investor scheme, Wang Dan, a deputy director general at the central bank, said today at a conference in Beijing. There are also talks under way to give locals access to yuan capital markets in Singapore and London, she said, without giving any start dates or sizes for the programs. Agricultural Bank of China Co. announced plans today to become the first company to offer yuan-denominated Global Depository Receipts in London.

China, which is also scheduled to start an exchange link between Hong Kong and Shanghai this month, is seeking to give its citizens more investment channels amid a slumping property market and increased risks from local wealth-management products. The world’s second-largest economy is also trying to promote use of the yuan, which ranked seventh for global payments in August from 12th a year earlier. 

Source: Bloomberg

  • 286 286 correctly predicted forecasts
    Emma Asma Cornwall
    CNY will bury USD)
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  • 289 289 correctly predicted forecasts
    Anastasia
    ebola will bury everything
    ain't nobody scared
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  • 36 36 correctly predicted forecasts
    Mark Elwa
    Chinese already bought a lot of realty in Spain
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  • 286 286 correctly predicted forecasts
    Emma Asma Cornwall
    Why not in Turkey?) at least it's closer to China
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  • 2 2 correctly predicted forecasts
    Allen Carter
    More developed of course )
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  • 30 30 correctly predicted forecasts
    John123
    Turkey is not EU. No long term schengen visa can be acquired after buying real estate. Chinese also like buying real estate in Canada.
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  • 71 71 correctly predicted forecasts
    Natalie Parkinson
    Yeap, Emma. CNY gains momentum
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