PBoC resumes profit transfer to government
Transfer of $158 billion follows two-year suspension during Covid-19 pandemic
The People’s Bank of China will transfer 1 trillion yuan ($158.3 billion) in profits to the country’s government, it announced in a statement on March 8.
The PBoC said profits accumulated over a number of years from foreign exchange reserves. It said the transfer “demonstrates the co-ordination of monetary and fiscal policies”.
In February, the Chinese Communist Parties’ Central Commission for Discipline Inspection criticised the PBoC. The commission, which oversees the Communist Party’s
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