China regulator tightens controls to stem capital outflows: sources

Shanghai

CHINA is stepping up measures to stem capital outflows after its yuan currency skidded to more than eight-year lows, sources said on Tuesday, taking aim at outbound investments that have soared to a record high.

The State Administration of Foreign Exchange (SAFE) has begun vetting transfers abroad worth US$5 million or more and is increasing scrutiny of major outbound deals, even those with prior approval, sources with knowledge of the new rules told Reuters.

Capital outflows, bo…