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China's FX forwards measure is not capital control: central bank

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The Shanghai Futures Exchange, one of the world's top metals bourses, is from Tuesday charging fees for closing nickel positions on the same day they are opened, part of a series of measures by China to curb speculation in futures markets.

[BEIJING] China's central bank defended on Tuesday new regulations imposed on the currency forwards market this month, saying they were not a form of capital control and were introduced after investors had speculated in the market.

The controls would help to stabilise China's financial system at a time when increased yuan volatility is likely to cause more companies to incur foreign exchange losses, the People's Bank of China said in a statement on its website.

REUTERS