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12/19/2016, 1:51 PM (Source: TeleTrader)
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Zhou said PBOC's outflow caps are temporary: report

Hong Kong Monetary Authority's chief executive Norman Chan told the South China Morning Post that Zhou Xiaochuan (pictured), head of the central bank of China, said capital outflow curbs in world's second-largest economy "are for the short term." In an article published on Monday, the local policymaker stated his counterpart told him the measures were introduced as a temporary tool to steady the foreign exchange market.

Chan delivered the statement in Beijing, after a visit to the People's Bank of China and other main financial institutions. He added the yuan's liquidity pool is expectedly contracting as investors are repositioning against the currency's depreciation, and described the volatility in demand for the offshore yuan "normal." With the stabilization of the exchange rates, the measures may be revised, Chan added.

Breaking the News / IT