CHINA’S CURRENCY LIBERALISATION MEANS INCREASED ATTENTION ON ILLICIT OUTFLOWS
October 1st, 2014
AS China moves gradually onwards with the long-promised liberalisation of its currency exchange regime, increased use of offshore companies and bank accounts by Chinese officials is refocusing Chinese attention on the illicit outflow of funds from the country. These have been facilitated and even prompted by China’s ongoing efforts to encourage investment overseas while also liberalising its currency regime. Attention was refocused this summer when a China Central TV (CCTV) news report accused the Bank of China, a state-owned commercial bank, of effectively ...
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