China freezes outbound investment quotas as outflows hurt yuan

Shanghai

CHINA refrained from granting new quotas for residents to invest in overseas markets for a fifth month in August, the longest halt in six years, as authorities seek to stem weakness in the yuan.

The State Administration of Foreign Exchange, which has approved 132 local institutions to put as much as US$89.99 billion in offshore assets via its Qualified Domestic Institutional Investor (QDII) programme, hasn't granted new allocations since March.