PBOC vice-governor Yi Gang suggests Tobin tax on foreign exchange

A top mainland financial regulator has suggested the country could introduce a tax on foreign exchange transactions among other steps to guard against speculative capital flows amid further economic liberalisation.Yi Gang , head of the State Administration of Foreign Exchange (SAFE), wrote in an article for the Communist Party theoretical journal Qiushi that China should “study in depth” the so-called “Tobin tax” on financial transactions.Nobel laureate James Tobin proposed the levy in 1972 as a means of reducing speculation in global markets.Yi, in his article carried on the journal’s website, also called for studying measures including fees on foreign exchange trading and curbing short-term speculative fund flows.The measures were mentioned in the context of “orderly pushing forward capital market opening, improving and perfecting …

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Chen predicted that the tax was likely to be introduced along with a quota system to manage the foreign exchange market as temporary measures ahead of the country making its capital account fully convertible, adding that …

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PBOC vice-governor Yi Gang suggests Tobin tax on foreign exchange

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