Banks will face heavy sanctions unless they take tougher steps to prevent companies from circumventing China’s restrictions on cross-border flows of the renminbi, according to Hong Kong’s financial regulator.
The warning signals that regulators are growing more concerned about companies flouting China’s capital account restrictions in order to arbitrage pricing differentials between the mainland and the free market of Hong Kong.
“This puts the onus on the banks to make sure that any renminbi trade transactions are legitimate,” said Michael Werner, Hong Kong-based banking analyst at Bernstein.
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