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SAFE supports legitimate overseas ventures


11-30-2016 16:25 BJT

A big story in China -- is the forex regulator's tighter controls on overseas investments.  To that end, the State Administration of Foreign Exchange said it supports overseas direct investments that are legally compliant.

The statement came out Tuesday as concerns arose about overseas investment deals being hurt by the tighter forex rules.  SAFE said it would work with authorities overseas to determine whether outbound investment deals are compliant, and crack down on those that weren't.

Reuters reported earlier this week that SAFE had begun vetting overseas forex transfers valued at 5 million US dollars or more. SAFE also is increasing its scrutiny of major outbound deals, even those with prior approval.

The moves come as China's outbound investments soar to a record high and the yuan has skidded to more than an 8-year-low.

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