A piece from Reuters overnight, quoting unnamed sources ("four people with direct knowledge of the matter")

  • People’s Bank of China will allow funds in non-resident accounts (NRA) to be converted into fixed deposits
  • This is intended to encourage foreigners' to keep trade-related earnings in China
  • And thus help slow capital outflows

The article goes on to say:

  • The PBOC has issued a document to the effect
  • Commercial banks expected to receive formal notice soon

More at the link

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Reuters on their sources:

  • The people declined to be identified because they are not authorised to speak to the media
  • The PBOC did not respond to Reuters' request for comment