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China FX regulator says China to step up monitoring of outbound direct investment: paper

[BEIJING] China plans to increase monitoring of outbound direct investment (ODI), state-owned China Business News reported on Thursday, citing the deputy head of the country's foreign exchange regulator.

During monitoring of some enterprises, the regulator had discovered some companies had not undertaken sufficient risk evaluation in overseas investments and had suffered losses as a result, the newspaper cited Fang Shangpu as saying.

In addition to strengthening monitoring, China will also crackdown on any illegal foreign exchange activities, Fang was reported to have said.

China's non-financial ODI jumped 55.4 per cent in the first quarter of 2016 from a year earlier to US$40.1 billion, the Commerce Ministry said on April 14.

REUTERS