Chinese officials are trying anew to slow a money exodus from the country, clamping down on individuals seeking to flee the yuan and making life tougher for companies that need to trade the currency for dollars to do business, The Wall Street Journal reported. China’s foreign-exchange regulator in recent months has deployed a new system to monitor individual purchases of foreign funds and has asked banks to reduce foreign-currency transactions.

China’s central government will take over some of local authorities’ debts in a move to help them regain footing and to allow Beijing to cut business taxes, The Wall Street Journal reported. Key to the Chinese leadership’s economic agenda this year is to slash taxes and debt loads for companies, leaving firms with more funds to invest and innovate as Beijing looks to entrepreneurs to help drive growth. But lowering taxes has long been a difficult pill for local officials to swallow, since they see spending-induced growth as crucial to their survival.

The head of China’s top economic-planning agency Sunday rejected suggestions the Chinese slowdown was dragging on global growth and markets, saying the world’s second largest economy continues to be a source of demand and vitality, The Wall Street Journal reported. National Development and Reform Commission chief Xu Shaoshi cited the 6.9% growth the economy clocked last year and the high volume of commodities it is importing as among the contributions China is making to global economic health. Even as the government is lowering its growth target for the slowing economy, Mr.

It looks like subprime derivatives on steroids: China hopes to bundle together billions of dollars’ worth of non-performing loans and eventually sell them to global investors, the Financial Times reported. Such a massive securitisation programme would represent the latest tactic in China’s campaign to lift one of the biggest shadows cast over its slowing economy — a debt pile that is as big as 230 per cent of GDP. It would whittle back debts at Chinese banks and move some of the risk outside the domestic financial system.

Moody’s, the ratings agency, has cut its outlook on China’s government credit to ‘negative’ from ‘stable’ on the back of a growing debt burden in the world’s second largest economy, and the challenges of reform, the Irish Times reported. In a report issued days before China’s leaders gather to approve the latest Five-Year Plan for the economy at the National People’s Congress, Moody’s uncertainty about Beijing’s capacity to implement widescale reforms to address imbalances in the economy.

The Chinese central bank, says Gov. Zhou Xiaochuan, is “neither a god nor a magician.” He was responding, in a written interview published by financial magazine Caixin, to complaints that Chinese financial authorities lack the communications skills needed to calm international investors. After months of silence while global markets went into convulsions over uncertainty about China’s currency policies, Mr. Zhou said, “There is no way we can wipe out all uncertainties.” The defensiveness is understandable. Here’s the problem: Mr.

The former CEO of fraud scandal-hit Sino Forest Corporation has been named the chief restructuring officer (CRO) of China Fishery Group, according to the company. Paul Jeremy Bough was appointed CRO and executive director of Pacific Andes International Holdings (PAIH) owned China Fishery on Jan. 21 with effect from Feb. 26, according to a stock exchange alert from the company. From January 2013-April 2015, Bough was CEO and chairman of Emerald Plantation Holdings, parent of Sino Forest, which was accused of a major accountancy fraud in 2011 in a report from Muddy Waters Research.

China’s central bank is increasingly finding itself in a bind, balancing its need to continue easing credit to support economic growth against its stated goal of keeping the Chinese currency stable. Late Monday, the People’s Bank of China lowered the amount of deposits that banks must hold in reserve by 0.5 percentage point, freeing up an estimated 700 billion yuan ($107 billion) in funds for banks to make loans. The move marks a reversal in the central bank’s stance from two months ago, when it resisted using such aggressive easing tools for fear that they could weaken the yuan.

Beijing has mothballed two pioneering outbound investment schemes, according to people with knowledge of the situation, in its latest bid to stem capital outflows and shore up the renminbi. The halt in the allotment of quotas reflects fears over the massive amount of cash — some economists estimate up to $1tn last year — that has left the country through official and unofficial channels as economic growth slows and the renminbi continues to depreciate, the Financial Times reported.

Officials from China’s central bank are urging Beijing to tolerate a sharply higher fiscal deficit to help stabilize growth, in an acknowledgment that a reliance on cheap bank loans has run its course as a way to boost the economy, The Wall Street Journal reported. The call comes as central bankers and finance ministers from the Group of 20 major economies are gathering in Shanghai to discuss new solutions to support global growth, including a focus on fiscal expansion and long-term overhaul rather than credit-driven growth.