September 29, 2016 / 11:42 AM / a year ago

China's FX regulator says no policy hurdle to moving asset sale proceeds overseas

BEIJING, Sept 29 (Reuters) - China has not set any “policy obstacles” for offshore institutions to move their proceeds from Chinese asset sales offshore, the country’s foreign exchange regulator said in an online statement released late on Thursday.

Bloomberg News had reported on Wednesday that China’s efforts to limit capital outflows are creating a potential headache for Deutsche Bank as it seeks to move proceeds of the sale of a stake in Hua Xia Bank out of the country.

The State Administration of Foreign Exchange’s (SAFE) statement said that this kind of cross-border transfer of proceeds does not require approval from SAFE. (Reporting By Beijing finance team; Editing by David Goodman)

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