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No restrictions on foreign firms' profit transfers: SAFE

Xinhua, December 10, 2016 Adjust font size:

China's foreign exchange authority said Friday that there are no restrictions on foreign firms' cross-border profit transfers, responding to market concerns about tightened regulation over capital outflows.

As China has realized convertibility under the current account, real international payments and transfers are not restricted, including those of dividend and goods and services trade, according to a statement of the State Administration of Foreign Exchange (SAFE).

Weighed on by a weak Chinese yuan against the U.S. dollar, regulators moved to crack down on illegal cross-border capital flows, while reiterating that normal business will not be affected and foreign investment is still welcome.

An anonymous SAFE official on Thursday dismissed substantial pressures from capital outflows, saying the situation remains controllable.

Last month, the yuan fell versus the dollar, but was relatively stable against a basket of other currencies. Endi