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The Australian dollar weakened because of the bigger-than-expected unemployment rate…
Draft guidelines on overseas investment are issued by China
On Friday, China's state planner released draft guidelines for the country’s companies investing overseas. The guidelines streamlined approval processes for deals, simultaneously increasing oversight for projects in sensitive countries and sectors, as the government told.
After years of rapid surge, the Asian country’s outbound investment has gone down so far this year because authorities crack down on so-called "irrational" overseas deals actually suspected of being employed to bypass capital controls and also move money offshore, thus putting pressure on the Yuan.
The draft regulations, issued just to solicit feedback until December 3, are expected to drastically improve oversight, enhance national security and step up support, as follows from the website of the National Development and Reform Commission.
A bunch of administrative hurdles, including a rule urging Chinese companies pumping more than $300 million overseas to get approval from the state planner would be removed or at least reduced under the new regulations.
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On Tuesday, the improved market sentiment supported risky assets such as stocks, emerging-market currencies, and crude oil.
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