- Among Beijing's strategies is a warning to George Soros not to attempt to do the PBOC what he famously did to the Bank of England (broke it) in the early 1990s. "Declaring war on China's currency? Ha ha," is the title of the article in the Communist Party's mouthpiece.
- Other steps include curbing the ability of foreign companies in China to repatriate earnings, lowering the amount available for banks in Hong Kong to make yuan loans, and banning yuan-based funds for overseas investments.
- “They’re sparing no effort to prevent capital outflows,” says a Chinese banking executive . “All the measures are the most aggressive I’ve seen in recent history.”
- The moves come as the central bank burns through hundreds of millions of dollars from its massive (but far less today) foreign exchange reserves.
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