China cracks down on compliance
On August 29, the State Administration of Foreign Exchange (Safe) announced a new programme to review bank's foreign exchange compliance and improve efficiency. According to the regulator, reviews will be conducted annually between January 1 and December 31.
"China wants to curb the hot money inflows," said Marc Chandler, chief currency strategist at Brown Brothers Harriman in New York. "There is a saying in China that means: 'You kill the chicken to scare the monkey'. So they are doubling up the
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