Updated March 29th, 2024 at 08:53 IST

China to expand capital account opening, says FX official

The initiative also includes broadening investment options to entice more investors into China's financial markets.

Reported by: Business Desk
China | Image:Pexels
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China capital account: China aims to streamline capital movement and deregulate financial markets to attract foreign investors amid geopolitical tensions, according to a senior foreign exchange regulator. 

Xu Zhibin, deputy head of the State Administration of Foreign Exchange (SAFE), announced plans to facilitate two-way capital market opening and enhance connectivity between domestic and international financial markets. 

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The initiative also includes broadening investment options to entice more investors into China's financial markets. 

Additionally, Xu pledged support for high-quality Chinese companies seeking overseas listings and encouraged sovereign wealth funds and institutional investors to engage in offshore investments in an orderly fashion. 

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The move comes as global investors have grown cautious about China's economic trajectory, policy decisions, and strained relations with the United States, leading to a decline in overseas listings by Chinese firms.

(With Reuters Inputs)

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Published March 29th, 2024 at 08:53 IST