China seeks tighter rein on yuan-selling, capital flight - Nikkei

The Asian Nikkei Review carrying a story on Wednesday, reports that China seeks to impose new reporting requirements and other restrictions on currency transactions across its borders in an effort to curb capital outflows that could lead to volatility in the yuan.

The central bank has been taking an especially hard line on capital outflows since June. One Chinese bank said it was pushed to abide by the central bank's guidance in July, around when the yuan began weakening against the dollar and reignited fears of capital flight.

The government is keeping an eye on large-scale money transfers, too. In Shanghai, authorities must be alerted in advance of any transfer abroad exceeding $50 million that also involves the purchase of foreign currency.