Chinese foreign exchange bureau official said bitcoin transfer funds

Chinese foreign exchange bureau official said bitcoin transfer funds

In July 24th, an official of the State Administration of foreign exchange said Wednesday Chinese, Chinese will face capital flight situation in the rest of the year. He pointed out that for overseas capital, China market is still attractive, because the economy is China rebound, and there are indications that Chinese export sector is recovering. In addition, compared with other countries, China interest rates have been sustained at a high level.

       In the first half of this time, China market faces huge capital inflows, but near the end of the second quarter, the capital outflow pressure is enhanced. According to China government released data show that the capital account surplus was $94 billion in the first quarter. The capital account surplus of second quarter data has not been announced, but the banking exchange data show that Chinese bank became a net seller in June, this is the first time in 10 months, that is capital flight.

Although the government is still in China on cross-border investment transactions, but the whole system permeability is rising. Whether companies or individuals, have found many ways to avoid regulation, such as investment funds disguised as trade receivables, in order to pass from the electronic currency bitcoin regulation to transfer funds.

For a long time, China has always been to work in just ways from the manufacturer and are eager to Chinese huge consumer market to sell foreign companies to absorb funds, but in recent years the overseas direct investment has shown the trend tends to be gentle. In the first half of this year, excluding inflation, foreign direct investment compared with the same period last year increased by only 2.2%. Foreign companies have been complaining about such as rising costs and fierce competition law etc.. In May this year, the European Union Chamber of Commerce Chinese (European Chamber of Commerce in China) has released a report saying: “a long-standing in the future (Chinese market) pessimism performance is a” high tide “.”

However, speculative capital inflows of foreign direct investment to form a complementary role, because many overseas investment Zhang tried to profit the RMB appreciation trend. Before the people’s Bank of China recently take action, the RMB exchange rate has been a one-way upward trend. But after taking measures in the people’s Bank of China, the RMB exchange rate against the dollar has hit in January 6.04 yuan per dollar Renminbi highs in April dropped to 6.25 yuan per dollar, then rebounded, currently reported 6.20 yuan per dollar.

Guan Tao said that the current RMB exchange rate has reached a “reasonable equilibrium level”, and pointed out that the company should adapt to the new reality of the renminbi exchange rate movements.”

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