Finance Minister Enoch Godongwana has admitted that National Treasury made a mistake when it allowed pension funds and other asset managers to increase their offshore holdings
HONG KONG (Reuters) -China has for the first time issued a notice prohibiting domestic brokerages and their overseas units from taking on new mainland clients for offshore trading, according to an official document seen by Reuters and confirmed by four sources. New investments by existing mainland clients are also to be "strictly monitored" to prevent investors bypassing China's foreign exchange controls, the notice said. The actions, which will restrict capital outflows, come as faltering growth for the world's second-largest economy has spurred investment overseas, weighing on the yuan and prompting authorities to ramp up efforts to stabilise the currency.
Sonthalia comes with over three decades of experience in the financial services industry and joins the Emkay group from Motilal Oswal Asset Management Company
A qualified chartered accountant and company secretary, Sonthalia served as an Executive Director and CIO for PMS, Alternates, and Offshore Investments in Motilal Oswal AMC and managed assets worth nearly Rs 6,500 crore
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