China tightens bullion import quotas to quell dollar outflow

gata.org / By Henry Sanderson and Lucy Hornby / Wednesday, Nov 30, 2016

China has tempered bullion imports in a arise of supervision attempts to clamp down on collateral withdrawal a country, according to traders and bankers.

Some banks with licenses have recently had problem receiving capitulation to import gold, they pronounced — a pierce tied to China’s attempts to stop a weakening renminbi by tightening outflows of dollars, a banks added.

The strike to bullion imports comes as China tightens restrictions on abroad deals by state-owned companies in an bid to extent collateral outflows that has seen a renminbi tumble to a lowest opposite a dollar in 8 years.

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