China To Crack Down Harder On ‘Hot Money’: Govt

From AFP:

China will launch a forex monitoring system to scrutinise checks on the authenticity of export transactions, the government said, in its latest move to crack down on speculative inflows.

Exporters must have their revenues audited by banks before they can exchange the money into the local currency, said a statement posted on the commerce ministry’s website late Wednesday.

The new system is aimed at “enhancing the supervision of cross-border capital flows and improving checks on the authenticity and consistency of the export transactions and the foreign exchange settlement involved,” it said.

The system will roll out nationwide on July 14, said the statement, which can be found also on the websites of the State Administration of Foreign Exchange (SAFE) and the customs bureau.

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