Multinationals summoned in Beijing to help on capital controls
“Joint efforts” are required from all sides, say officials in meeting this week
China’s foreign exchange regulator met with a delegation of foreign businesses on Wednesday to open a dialogue with the firms on capital controls, as companies have expressed frustration with tightening restrictions.
The meeting was met with some positive reviews, with president of the European Union Chamber of Commerce in China Joerg Wuttke saying that the meeting was extremely encouraging.
Speaking to the South China Morning Post, Wuttke said that the regulator is “very keen to know the technical issues that foreign industries have encountered in China.”
The meeting underscores the importance China places on continuing to control capital outflows moving forward, despite the relative stability that has returned to the country’s foreign exchange market.