China takes steps to curb outflows of the currency

Offshore Chinese banks are selling a record amount of RMB-denominated certificates of deposit as China takes steps to curb outflows of the currency. Sales jumped to an unprecedented RMB66.1 billion (US$10.2 billion) in December 2015, data compiled by Bloomberg show. That comes after Hong Kong’s RMB deposits, the world’s largest, shrank to the smallest in two years.

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