China slams brakes on outgoing investment

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From Reuters:

China has begun checking some outbound investment projects as part of a crackdown on illegal cross-border currency deals, Xinhua news agency reported on Thursday, citing a foreign exchange regulator.

Beijing has announced a string of measures recently to tighten controls on money moving out of the country since its yuan currency skidded to more than eight-year lows.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.