China's central bank assured the public on Tuesday morning that foreign-invested enterprises are still allowed to transfer the money they make in China out of the country.
In a microblog post, the People's Bank of China (PBC) said that China allows international payments and foreign exchange transfers for current account transactions, including the transfer of dividends.
If foreign companies want to send money outside the country, they can do the transactions at commercial banks as long as they provide the necessary documents, the PBC said.
If companies have problems with the transactions, they were urged to contact SAFE or the PBC.
The PBC issued the statement after rumors emerged that overseas companies in China were having problem transferring money out of the country.
In one example, domestic media reported that BMW China has been unable to send its profits overseas since November 2016.
SAFE said on Tuesday that China does not prevent overseas companies from sending their profits overseas, nor has it made any policy changes that would result in such a prohibition.
The central government has tighten controls on foreign currency transactions in recent months as capital outflows have spurred depreciation of the yuan, resulting in shrinking foreign currency reserves.
(Source: Global Times)
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