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China to monitor non-residents bank accounts

(Agencies)
Updated: 2008-06-19 17:09

The State Administration of Foreign Exchange (SAFE) may more tightly supervise yuan bank accounts held by non-resident individuals or institutions, in order to curb inflows of speculative capital, the Shanghai Securities News reported.

The report said SAFE has sent notices to banks in Beijing and Shanghai, as well as the provinces of Jiangsu, Zhejiang and Guangdong, requiring them to submit data on yuan accounts opened by non-residents.

The types of accounts covered in the notice include yuan accounts opened by Hong Kong companies and individuals and yuan accounts opened by participants in the Qualified Foreign Institutional Investor (QFII) program, the report said.

In addition, banks in these regions are required to submit monthly statistics showing outstanding deposits and loans, the report added.

In the first five months of the year, actual foreign direct investment (FDI) inflows into China totaled $42.778 billion, up 54.97 percent from a year earlier. In May, FDI stood at $7.761 billion, up 37.94 percent year-on-year.