China regulator tightens controls to stem capital outflows: sources
Move comes after yuan skids to more than 8-year lows; major outbound deals are being scrutinised
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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.
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