#WeeklyCryptoNews
Bitcoin is plunging. Negative comments in the media and stricter regulations continue to weight on the cryptocurrency.
China might publish rules on outbound investment in 2017
This year China might issue rules on outbound investment by Chinese companies, which would spell out the sectors, where investing is encouraged and those where it’s restricted, as state media informed on Tuesday.
Recently, Chinese regulators have clamped down on outbound deals as part of efforts aimed at stemming surging capital outflows, which have contributed to China’s weakening currency.
Chinese Commerce Minister Zhong Shan disclosed that a small number of Chinese firms had invested overseas irrationally and blindly in investments China never encourages.
The state foreign exchange regulator has told that the government will more closely assess irrational investment in entertainment, property, sports as well as other sectors.
Efforts to contain outbound investment happen to be having a considerable effect. Apparently, non-financial outbound investment edged down 52.8% in January-February from the same period the previous year.
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