17 September 2019

SAFE may put cross-border capital tax on agenda, paper says

Chinese banks amassed a US$73.30 billion foreign exchange surplus in January, the highest amount since the state started releasing monthly data early last year, the China Securities Journal reported Wednesday, citing the State Administration of Foreign Exchange. The data suggests an increasing inflow of cross-border funds, the report said. The regulator also said a financial transaction tax, which many emerging economies use to manage cross-border capital, could be considered, the report said.

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